Cornerstone Investment Partners LLC Cuts Holdings in Permian Resources Co. (NASDAQ:PR)

Cornerstone Investment Partners LLC reduced its position in Permian Resources Co. (NASDAQ:PR) by 13.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 40,427 shares of the company’s stock after selling 6,343 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in Permian Resources were worth $550,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Permian Resources by 17.1% in the 3rd quarter. Vanguard Group Inc. now owns 28,467,963 shares of the company’s stock worth $397,413,000 after buying an additional 4,148,519 shares during the period. BlackRock Inc. increased its holdings in Permian Resources by 10.5% in the 2nd quarter. BlackRock Inc. now owns 17,943,203 shares of the company’s stock valued at $196,658,000 after purchasing an additional 1,708,290 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in Permian Resources by 10.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 17,531,746 shares of the company’s stock valued at $192,148,000 after purchasing an additional 1,592,275 shares in the last quarter. State Street Corp acquired a new stake in Permian Resources in the 3rd quarter valued at $100,979,000. Finally, Alliancebernstein L.P. increased its holdings in Permian Resources by 5.6% in the 2nd quarter. Alliancebernstein L.P. now owns 11,121,294 shares of the company’s stock valued at $121,889,000 after purchasing an additional 586,827 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PR. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a report on Friday, April 12th. JPMorgan Chase & Co. increased their price target on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Stifel Nicolaus increased their price target on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Piper Sandler raised their target price on Permian Resources from $17.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, March 7th. Finally, Bank of America started coverage on Permian Resources in a research note on Friday, January 5th. They set a “neutral” rating and a $15.00 target price for the company. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Permian Resources Stock Down 0.4 %

NASDAQ:PR traded down $0.07 during mid-day trading on Friday, reaching $17.11. The stock had a trading volume of 2,024,383 shares, compared to its average volume of 9,432,368. The company has a market capitalization of $13.21 billion, a price-to-earnings ratio of 14.82 and a beta of 4.35. Permian Resources Co. has a 1-year low of $8.94 and a 1-year high of $18.28. The stock’s 50 day simple moving average is $16.31 and its two-hundred day simple moving average is $14.52. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Equities analysts anticipate that Permian Resources Co. will post 1.71 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were issued a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.17%. Permian Resources’s dividend payout ratio is currently 17.24%.

Insiders Place Their Bets

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the sale, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock valued at $516,796,999 over the last quarter. Insiders own 23.14% of the company’s stock.

Permian Resources Company 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.