Holocene Advisors LP Trims Stock Holdings in Permian Resources Co. (NYSE:PR)

Holocene Advisors LP lowered its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 40.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,205,240 shares of the company's stock after selling 2,818,626 shares during the period. Holocene Advisors LP owned approximately 0.52% of Permian Resources worth $57,233,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PR. Massachusetts Financial Services Co. MA increased its position in Permian Resources by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company's stock valued at $247,042,000 after acquiring an additional 1,543,854 shares during the period. Bank of New York Mellon Corp increased its position in Permian Resources by 59.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock valued at $194,585,000 after acquiring an additional 4,497,184 shares during the period. Renaissance Technologies LLC increased its position in shares of Permian Resources by 20.6% during the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company's stock worth $147,107,000 after buying an additional 1,555,884 shares during the period. Jennison Associates LLC increased its position in shares of Permian Resources by 14.5% during the third quarter. Jennison Associates LLC now owns 7,647,329 shares of the company's stock worth $104,080,000 after buying an additional 966,940 shares during the period. Finally, Merewether Investment Management LP increased its position in shares of Permian Resources by 148.1% during the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company's stock worth $95,292,000 after buying an additional 3,522,300 shares during the period. Institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

PR has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Permian Resources from $20.00 to $17.00 and set an "overweight" rating for the company in a research report on Thursday, September 12th. UBS Group decreased their price objective on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, September 18th. Piper Sandler increased their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. Royal Bank of Canada reiterated an "outperform" rating and set a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. Finally, Susquehanna decreased their price objective on shares of Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Wednesday, September 4th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $18.93.

Permian Resources Stock Up 2.0 %

Shares of Permian Resources stock traded up $0.30 during trading hours on Tuesday, reaching $15.58. The company's stock had a trading volume of 7,861,044 shares, compared to its average volume of 9,961,228. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock's fifty day simple moving average is $14.48 and its two-hundred day simple moving average is $14.89. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. The company has a market capitalization of $12.52 billion, a P/E ratio of 9.48, a P/E/G ratio of 0.94 and a beta of 4.35.

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

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend was Thursday, November 14th. This is an increase from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's dividend payout ratio (DPR) is 36.36%.

Permian Resources Company Profile

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.