Sanders Morris Harris LLC Reduces Position in Permian Resources Co. (NYSE:PR)

Sanders Morris Harris LLC trimmed its position in shares of Permian Resources Co. (NYSE:PR) by 31.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 224,079 shares of the company’s stock after selling 101,500 shares during the period. Sanders Morris Harris LLC’s holdings in Permian Resources were worth $3,106,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp raised its position in shares of Permian Resources by 6.1% during the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company’s stock valued at $299,790,000 after purchasing an additional 1,263,460 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Permian Resources by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after acquiring an additional 1,543,854 shares during the last quarter. Geode Capital Management LLC increased its holdings in Permian Resources by 17.6% in the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after acquiring an additional 1,638,618 shares during the last quarter. Jennison Associates LLC increased its holdings in Permian Resources by 14.5% in the 3rd quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock valued at $104,080,000 after acquiring an additional 966,940 shares during the last quarter. Finally, Merewether Investment Management LP increased its holdings in Permian Resources by 148.1% in the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock valued at $95,292,000 after acquiring an additional 3,522,300 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Performance

Shares of PR stock traded up $0.14 during trading hours on Thursday, hitting $15.79. The company’s stock had a trading volume of 488,431 shares, compared to its average volume of 7,497,119. The company has a 50 day moving average of $14.86 and a 200 day moving average of $14.64. The stock has a market cap of $12.69 billion, a PE ratio of 9.57, a price-to-earnings-growth ratio of 0.88 and a beta of 4.32. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12-month low of $12.59 and a 12-month high of $18.28.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the firm posted $0.36 earnings per share. The firm’s quarterly revenue was up 60.3% compared to the same quarter last year. On average, sell-side analysts forecast that Permian Resources Co. will post 1.44 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed 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. This represents a $0.60 annualized dividend and a yield of 3.80%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is presently 36.36%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PR. The Goldman Sachs Group initiated 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. Morgan Stanley initiated coverage on shares of Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective for the company. Piper Sandler lowered their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Truist Financial boosted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday. Finally, Wells Fargo & Company lowered their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.06.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.