HighTower Advisors LLC Sells 49,857 Shares of Permian Resources Co. (NYSE:PR)

HighTower Advisors LLC trimmed its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 15.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 282,410 shares of the company's stock after selling 49,857 shares during the period. HighTower Advisors LLC's holdings in Permian Resources were worth $3,838,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PR. Securian Asset Management Inc. boosted its stake in Permian Resources by 8.0% in the 2nd quarter. Securian Asset Management Inc. now owns 40,964 shares of the company's stock worth $662,000 after purchasing an additional 3,048 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Permian Resources by 2.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 155,874 shares of the company's stock worth $2,517,000 after buying an additional 4,459 shares in the last quarter. ORG Partners LLC grew its holdings in shares of Permian Resources by 2,972.3% during the second quarter. ORG Partners LLC now owns 9,432 shares of the company's stock valued at $152,000 after buying an additional 9,125 shares during the last quarter. Kessler Investment Group LLC bought a new stake in shares of Permian Resources during the second quarter valued at approximately $361,000. Finally, Leeward Investments LLC MA increased its position in shares of Permian Resources by 2.0% during the second quarter. Leeward Investments LLC MA now owns 2,320,605 shares of the company's stock valued at $37,478,000 after acquiring an additional 46,370 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PR shares. Wells Fargo & Company lowered their price objective on Permian Resources from $22.00 to $21.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 1st. UBS Group reduced their price target on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, September 18th. The Goldman Sachs Group began coverage on shares of Permian Resources in a report on Monday, September 30th. They set a "buy" rating and a $19.00 price objective for the company. Mizuho dropped their target price on shares of Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Monday, September 16th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Permian Resources has a consensus rating of "Moderate Buy" and a consensus target price of $18.93.

Permian Resources Stock Performance

NYSE PR traded down $0.26 on Thursday, hitting $14.76. 8,990,066 shares of the company traded hands, compared to its average volume of 9,905,373. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The business's 50 day moving average price is $14.67 and its 200-day moving average price is $14.85. The company has a market capitalization of $11.86 billion, a price-to-earnings ratio of 8.95, a P/E/G ratio of 0.88 and a beta of 4.35. Permian Resources Co. has a 52-week low of $12.52 and a 52-week high of $18.28.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the company posted $0.36 EPS. The firm's revenue was up 60.3% on a year-over-year basis. Equities analysts expect that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.07%. This is an increase from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources's dividend payout ratio (DPR) is presently 36.36%.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.