Permian Resources Co. (NYSE:PR) Shares Sold by Merewether Investment Management LP

Merewether Investment Management LP lessened its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 20.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,689,349 shares of the company's stock after selling 1,211,100 shares during the quarter. Permian Resources comprises 2.9% of Merewether Investment Management LP's portfolio, making the stock its 14th biggest holding. Merewether Investment Management LP owned approximately 0.58% of Permian Resources worth $63,822,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Tributary Capital Management LLC boosted its holdings in shares of Permian Resources by 8,360.8% in the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company's stock worth $699,000 after purchasing an additional 50,750 shares during the period. South Street Advisors LLC bought a new stake in shares of Permian Resources during the 3rd quarter worth approximately $7,142,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Permian Resources during the 3rd quarter worth approximately $556,000. King Luther Capital Management Corp raised its position in Permian Resources by 8.3% during the 3rd quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company's stock valued at $71,241,000 after purchasing an additional 402,515 shares in the last quarter. Finally, Mount Lucas Management LP raised its position in Permian Resources by 94.8% during the 2nd quarter. Mount Lucas Management LP now owns 98,880 shares of the company's stock valued at $1,597,000 after purchasing an additional 48,116 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Benchmark reduced their price target on Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, October 16th. The Goldman Sachs Group assumed coverage on Permian Resources in a research report on Monday, September 30th. They issued a "buy" rating and a $19.00 price target for the company. Royal Bank of Canada reissued an "outperform" rating and issued a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. Truist Financial boosted their price target on Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Finally, Piper Sandler boosted their target price on Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Monday, November 18th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $18.93.

Permian Resources Price Performance

NYSE PR traded down $0.45 during trading hours on Wednesday, reaching $15.15. The company's stock had a trading volume of 6,756,828 shares, compared to its average volume of 9,961,180. The firm has a market capitalization of $12.17 billion, a price-to-earnings ratio of 9.25, a P/E/G ratio of 0.92 and a beta of 4.35. Permian Resources Co. has a 1-year low of $12.34 and a 1-year 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. The company's 50-day moving average is $14.51 and its two-hundred day moving average is $14.88.

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, topping analysts' consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources's quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, equities analysts predict that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.96%. This is a boost from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's dividend payout ratio is presently 36.36%.

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.