Quantbot Technologies LP Sells 343,148 Shares of Permian Resources Co. (NYSE:PR)

Quantbot Technologies LP decreased its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 61.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 215,431 shares of the company's stock after selling 343,148 shares during the quarter. Quantbot Technologies LP's holdings in Permian Resources were worth $2,932,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PR. The Manufacturers Life Insurance Company boosted its holdings in Permian Resources by 20.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 579,375 shares of the company's stock valued at $7,885,000 after purchasing an additional 100,056 shares during the period. Truvestments Capital LLC bought a new stake in shares of Permian Resources in the third quarter valued at about $96,000. SevenBridge Financial Group LLC acquired a new stake in Permian Resources during the third quarter worth about $836,000. Westfield Capital Management Co. LP grew its position in Permian Resources by 3.4% during the third quarter. Westfield Capital Management Co. LP now owns 5,119,622 shares of the company's stock worth $69,678,000 after buying an additional 167,986 shares in the last quarter. Finally, Larson Financial Group LLC increased its stake in Permian Resources by 3.1% during the third quarter. Larson Financial Group LLC now owns 215,764 shares of the company's stock valued at $2,937,000 after acquiring an additional 6,519 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on PR. JPMorgan Chase & Co. reduced their price objective on Permian Resources from $20.00 to $17.00 and set an "overweight" rating for the company in a research report on Thursday, September 12th. The Goldman Sachs Group started coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a "buy" rating and a $19.00 price target on the stock. Susquehanna reduced their price objective on shares of Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, September 4th. Wells Fargo & Company lowered their target price on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 1st. Finally, Truist Financial raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.93.

Permian Resources Price Performance

Permian Resources stock traded down $0.05 on Thursday, reaching $15.59. The company's stock had a trading volume of 5,070,645 shares, compared to its average volume of 10,020,354. The business's fifty day moving average price is $14.39 and its 200 day moving average price is $14.92. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market cap of $12.52 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 0.94 and a beta of 4.34. Permian Resources Co. has a twelve month low of $12.34 and a twelve month high of $18.28.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (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 the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm's quarterly revenue was up 60.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. Equities analysts expect that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a $0.15 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.85%. This is a positive change from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's dividend payout ratio (DPR) is currently 36.36%.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 4,821 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares of the company's stock, valued at approximately $1,075,911.41. This trade represents a 5.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 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 $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company's stock, valued at approximately $855,288.07. This trade represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.