Quantbot Technologies LP Cuts Stake in Permian Resources Co. (NYSE:PR)

Quantbot Technologies LP lowered its position in Permian Resources Co. (NYSE:PR) by 61.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 215,431 shares of the company’s stock after selling 343,148 shares during the period. Quantbot Technologies LP’s holdings in Permian Resources were worth $2,932,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of PR. Bank of New York Mellon Corp boosted its stake in Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after buying an additional 4,497,184 shares in the last quarter. Merewether Investment Management LP boosted its stake in Permian Resources by 148.1% in the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock worth $95,292,000 after buying an additional 3,522,300 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in Permian Resources by 16,359.8% in the second quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after buying an additional 3,451,923 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Permian Resources by 20.6% in the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after buying an additional 1,555,884 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Permian Resources by 9.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after purchasing an additional 1,543,854 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Down 0.4 %

PR stock opened at $15.57 on Thursday. Permian Resources Co. has a twelve month low of $12.34 and a twelve month high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $12.51 billion, a P/E ratio of 9.44, a PEG ratio of 0.94 and a beta of 4.34. The business’s 50-day moving average price is $14.35 and its 200-day moving average price is $14.92.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm’s quarterly revenue was up 60.3% on a year-over-year basis. During the same quarter last year, the company earned $0.36 EPS. On average, equities research analysts forecast that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.85%. The ex-dividend date was Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The trade was a 5.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value 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. The trade was a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on PR shares. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. JPMorgan Chase & Co. dropped their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Truist Financial increased their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. UBS Group decreased their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Finally, Wells Fargo & Company decreased their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Two research 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 stock. According to MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $18.93.

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.