Oak Ridge Investments LLC Reduces Holdings in Permian Resources Co. (NYSE:PR)

Oak Ridge Investments LLC lowered its position in shares of Permian Resources Co. (NYSE:PR) by 24.6% during the third quarter, HoldingsChannel reports. The firm owned 188,210 shares of the company’s stock after selling 61,308 shares during the period. Oak Ridge Investments LLC’s holdings in Permian Resources were worth $2,562,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. American International Group Inc. raised its stake in shares of Permian Resources by 10.4% during the first quarter. American International Group Inc. now owns 830,432 shares of the company’s stock valued at $14,665,000 after purchasing an additional 78,146 shares during the period. Retirement Systems of Alabama grew its position in shares of Permian Resources by 22.4% during the first quarter. Retirement Systems of Alabama now owns 577,336 shares of the company’s stock worth $10,196,000 after buying an additional 105,565 shares in the last quarter. Castleark Management LLC grew its position in shares of Permian Resources by 370.0% during the first quarter. Castleark Management LLC now owns 96,160 shares of the company’s stock worth $1,698,000 after buying an additional 75,700 shares in the last quarter. California State Teachers Retirement System grew its position in shares of Permian Resources by 11.2% during the first quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock worth $7,693,000 after buying an additional 43,901 shares in the last quarter. Finally, FORA Capital LLC acquired a new stake in shares of Permian Resources during the first quarter worth approximately $3,745,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Performance

Shares of PR opened at $13.64 on Friday. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. The company has a 50-day moving average of $13.91 and a two-hundred day moving average of $15.22. The stock has a market cap of $10.95 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 0.83 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50.

Permian Resources (NYSE:PR) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period last year, the company posted $0.27 earnings per share. The business’s revenue for the quarter was up 99.9% on a year-over-year basis. On average, equities research analysts expect that Permian Resources Co. will post 1.46 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. Shareholders of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s payout ratio is 19.20%.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Wolfe Research began coverage on shares of Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Truist Financial decreased their target price on Permian Resources from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Citigroup dropped their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Susquehanna decreased 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. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.73.

Insiders Place Their Bets

In other Permian Resources 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 completion of the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the firm’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 sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

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.