Magnetar Financial LLC Sells 210,364 Shares of Permian Resources Co. (NYSE:PR)

Magnetar Financial LLC reduced its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 59.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 142,397 shares of the company's stock after selling 210,364 shares during the quarter. Magnetar Financial LLC's holdings in Permian Resources were worth $2,048,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Kingsview Wealth Management LLC bought a new stake in shares of Permian Resources during the 4th quarter valued at about $632,000. Wright Investors Service Inc. purchased a new stake in Permian Resources during the 4th quarter valued at about $498,000. Point72 Asset Management L.P. increased its position in shares of Permian Resources by 58.3% during the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock valued at $74,811,000 after acquiring an additional 2,023,742 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Permian Resources by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock worth $62,407,000 after purchasing an additional 176,320 shares in the last quarter. Finally, New York State Teachers Retirement System increased its holdings in Permian Resources by 36.9% in the 4th quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock worth $3,881,000 after buying an additional 72,726 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

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Wall Street Analysts Forecast Growth

PR has been the topic of a number of research analyst reports. Truist Financial increased their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. JPMorgan Chase & Co. dropped their price target 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. Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and upped their price objective for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Piper Sandler dropped their target price on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Finally, Morgan Stanley started coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an "overweight" rating and a $19.00 price target for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Permian Resources has a consensus rating of "Moderate Buy" and a consensus price target of $19.31.

Permian Resources Price Performance

Shares of NYSE PR traded up $0.11 during mid-day trading on Tuesday, reaching $14.26. The company's stock had a trading volume of 5,787,855 shares, compared to its average volume of 9,193,798. The stock has a fifty day moving average of $14.28 and a two-hundred day moving average of $14.34. The firm has a market capitalization of $11.46 billion, a PE ratio of 8.64, a P/E/G ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 52 week low of $11.84 and a 52 week high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.21%. The ex-dividend date is Monday, March 17th. Permian Resources's payout ratio is currently 41.96%.

Insider Transactions at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the firm's stock in a transaction that occurred on 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 $822,525.36. This trade represents a 4.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the company's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is currently owned by corporate insiders.

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.