Lord Abbett & CO. LLC Sells 430,493 Shares of Permian Resources Co. (NYSE:PR)

Lord Abbett & CO. LLC trimmed its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 7.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,221,591 shares of the company's stock after selling 430,493 shares during the quarter. Lord Abbett & CO. LLC owned 0.65% of Permian Resources worth $75,086,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Permian Resources by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock valued at $944,487,000 after purchasing an additional 870,622 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after purchasing an additional 12,306,854 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Permian Resources in the 4th quarter worth approximately $431,676,000. Massachusetts Financial Services Co. MA increased its holdings in Permian Resources by 1.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after purchasing an additional 291,444 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Permian Resources by 7.2% in the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock valued at $196,025,000 after purchasing an additional 909,740 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Trading Down 1.7 %

Shares of NYSE:PR traded down $0.21 during trading on Tuesday, reaching $12.18. The stock had a trading volume of 9,022,986 shares, compared to its average volume of 9,728,759. The firm's fifty day moving average is $12.75 and its 200 day moving average is $14.02. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $17.62. The stock has a market cap of $9.79 billion, a price-to-earnings ratio of 7.38, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.93%. Permian Resources's dividend payout ratio is presently 41.96%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PR. Bank of America lowered their target price on Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Morgan Stanley cut their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Susquehanna cut their price objective on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. cut their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Royal Bank of Canada cut their target price on Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Permian Resources currently has an average rating of "Moderate Buy" and a consensus price target of $18.67.

Insider Activity

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the transaction, the chief financial officer now owns 130,467 shares of the company's stock, valued at $1,825,233.33. This trade represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,685 shares of company stock worth $135,687 in the last three months. Company insiders own 12.80% of the company's stock.

Permian Resources 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.