Sterling Capital Management LLC Has $5.76 Million Stock Position in Permian Resources Co. (NYSE:PR)

Sterling Capital Management LLC lowered its position in Permian Resources Co. (NYSE:PR - Free Report) by 43.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 400,445 shares of the company's stock after selling 308,968 shares during the quarter. Sterling Capital Management LLC's holdings in Permian Resources were worth $5,758,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Quantinno Capital Management LP bought a new stake in Permian Resources in the 3rd quarter valued at $211,000. Wellington Management Group LLP raised its position in shares of Permian Resources by 188.0% in the third quarter. Wellington Management Group LLP now owns 42,404 shares of the company's stock valued at $577,000 after purchasing an additional 27,679 shares during the period. National Bank of Canada FI acquired a new stake in shares of Permian Resources during the 3rd quarter worth about $45,000. Orion Portfolio Solutions LLC boosted its holdings in shares of Permian Resources by 80.4% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 149,335 shares of the company's stock worth $2,032,000 after buying an additional 66,539 shares during the period. Finally, MML Investors Services LLC acquired a new position in Permian Resources in the 3rd quarter valued at about $586,000. Institutional investors own 91.84% of the company's stock.

Analyst Upgrades and Downgrades

PR has been the subject of a number of research analyst reports. Truist Financial boosted their price objective on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Royal Bank of Canada decreased their price objective on Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Monday. Citigroup cut Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Susquehanna raised shares of Permian Resources from a "neutral" rating to a "positive" rating and boosted their target price for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Finally, Bank of America lowered their price target on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Permian Resources has an average rating of "Moderate Buy" and a consensus target price of $18.73.

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Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the transaction, the executive vice president now directly owns 74,433 shares in the company, valued at approximately $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William J. Quinn purchased 500,000 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the purchase, the director now directly owns 812,429 shares of the company's stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 9,685 shares of company stock valued at $135,687. 12.80% of the stock is currently owned by insiders.

Permian Resources Price Performance

Shares of PR stock traded up $0.02 during trading hours on Tuesday, reaching $11.02. The company's stock had a trading volume of 8,351,952 shares, compared to its average volume of 9,627,046. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a fifty-two week low of $10.01 and a fifty-two week high of $17.84. The company has a market capitalization of $8.85 billion, a price-to-earnings ratio of 6.68, a PEG ratio of 4.05 and a beta of 3.81. The firm's 50 day simple moving average is $13.26 and its 200-day simple moving average is $14.18.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 5.45%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources's payout ratio is 41.96%.

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.