William Blair Investment Management LLC Sells 2,780,618 Shares of Permian Resources Co. (NASDAQ:PR)

William Blair Investment Management LLC reduced its position in Permian Resources Co. (NASDAQ:PR - Free Report) by 99.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,679 shares of the company's stock after selling 2,780,618 shares during the quarter. William Blair Investment Management LLC's holdings in Permian Resources were worth $431,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Truist Financial Corp increased its holdings in Permian Resources by 9.4% in the fourth quarter. Truist Financial Corp now owns 12,653 shares of the company's stock worth $172,000 after purchasing an additional 1,086 shares in the last quarter. Private Advisor Group LLC bought a new stake in shares of Permian Resources in the 4th quarter valued at $394,000. Principal Financial Group Inc. increased its stake in shares of Permian Resources by 47.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company's stock valued at $23,466,000 after acquiring an additional 554,694 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Permian Resources during the fourth quarter worth $472,000. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in Permian Resources by 159.7% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 27,475 shares of the company's stock worth $374,000 after purchasing an additional 16,896 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 4,821 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares of the company's stock, valued at $1,075,911.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares of the company's stock, valued at approximately $1,075,911.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company's stock, valued at $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Truist Financial upped their target price on Permian Resources from $21.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, July 30th. BMO Capital Markets raised shares of Permian Resources from a "market perform" rating to an "outperform" rating and set a $21.00 target price for the company in a research report on Wednesday, July 3rd. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $20.00 price target on shares of Permian Resources in a research report on Monday, August 12th. Wolfe Research started coverage on Permian Resources in a report on Thursday, July 18th. They set a "peer perform" rating for the company. Finally, Citigroup dropped their target price on Permian Resources from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Permian Resources has an average rating of "Moderate Buy" and an average target price of $19.57.

Permian Resources Stock Performance

Shares of NASDAQ PR traded up $0.24 during mid-day trading on Tuesday, hitting $13.88. The company had a trading volume of 10,351,090 shares, compared to its average volume of 9,940,018. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 1 year low of $12.34 and a 1 year high of $18.28. The company has a market capitalization of $10.69 billion, a price-to-earnings ratio of 12.40, a P/E/G ratio of 0.71 and a beta of 4.33. The stock's 50-day moving average price is $14.70 and its 200-day moving average price is $15.89.

Permian Resources (NASDAQ:PR - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. Permian Resources's quarterly revenue was up 99.9% on a year-over-year basis. During the same period last year, the firm posted $0.27 earnings per share. On average, sell-side analysts forecast that Permian Resources Co. will post 1.63 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.73%. Permian Resources's dividend payout ratio is currently 21.82%.

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.