Permian Resources Co. (NYSE:PR) Shares Sold by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC lowered its stake in Permian Resources Co. (NYSE:PR - Free Report) by 35.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 122,570 shares of the company's stock after selling 68,605 shares during the quarter. Manning & Napier Advisors LLC's holdings in Permian Resources were worth $1,763,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PR. KBC Group NV increased its holdings in Permian Resources by 60.7% during the 4th quarter. KBC Group NV now owns 25,072 shares of the company's stock valued at $361,000 after purchasing an additional 9,475 shares during the period. Blue Trust Inc. increased its stake in shares of Permian Resources by 28.6% during the fourth quarter. Blue Trust Inc. now owns 4,226 shares of the company's stock valued at $58,000 after buying an additional 939 shares during the period. Tributary Capital Management LLC raised its holdings in shares of Permian Resources by 65.1% during the fourth quarter. Tributary Capital Management LLC now owns 84,805 shares of the company's stock valued at $1,219,000 after acquiring an additional 33,448 shares in the last quarter. Encompass More Asset Management purchased a new stake in Permian Resources in the fourth quarter worth $518,000. Finally, Secure Asset Management LLC boosted its holdings in Permian Resources by 11.1% in the fourth quarter. Secure Asset Management LLC now owns 123,896 shares of the company's stock valued at $1,782,000 after acquiring an additional 12,338 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Benchmark dropped their target price on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an "outperform" rating and issued a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Morgan Stanley initiated coverage on Permian Resources in a research report on Friday, January 10th. They set an "overweight" rating and a $19.00 price target on the stock. Piper Sandler increased their price objective on Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Finally, Truist Financial boosted their target price on shares of Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $19.13.

Insider Transactions at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of the company's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 12.80% of the company's stock.

Permian Resources Price Performance

PR stock traded down $0.24 during midday trading on Monday, hitting $14.42. The company's stock had a trading volume of 4,303,448 shares, compared to its average volume of 7,241,107. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average of $14.91 and a two-hundred day moving average of $14.55. Permian Resources Co. has a 12 month low of $12.59 and a 12 month high of $18.28. The firm has a market capitalization of $11.58 billion, a price-to-earnings ratio of 8.75, a price-to-earnings-growth ratio of 4.06 and a beta of 4.28.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business's quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 EPS. On average, analysts expect that Permian Resources Co. will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.16%. The ex-dividend date was Thursday, November 14th. This is a boost from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's payout ratio is currently 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.