Balyasny Asset Management L.P. Reduces Stock Position in Permian Resources Co. (NYSE:PR)

Balyasny Asset Management L.P. decreased its holdings in Permian Resources Co. (NYSE:PR) by 53.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,101,310 shares of the company’s stock after selling 2,416,555 shares during the period. Balyasny Asset Management L.P. owned 0.26% of Permian Resources worth $30,217,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Kingsview Wealth Management LLC bought a new stake in shares of Permian Resources in the 4th quarter valued at approximately $632,000. Wright Investors Service Inc. bought a new stake in Permian Resources in the fourth quarter worth $498,000. Charles Schwab Investment Management Inc. lifted its position in Permian Resources by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock worth $62,407,000 after buying an additional 176,320 shares during the last quarter. New York State Teachers Retirement System increased its position in Permian Resources by 36.9% during the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock valued at $3,881,000 after acquiring an additional 72,726 shares during the last quarter. Finally, Perpetual Ltd purchased a new stake in shares of Permian Resources in the fourth quarter valued at $27,104,000. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Royal Bank of Canada cut their price objective on Permian Resources from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Monday, April 14th. Williams Trading set a $19.00 target price on Permian Resources in a research report on Wednesday, March 5th. Morgan Stanley reduced their price target on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.67.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at approximately $822,525.36. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,685 shares of company stock valued at $135,687. 6.44% of the stock is currently owned by insiders.

Permian Resources Trading Up 1.0 %

Shares of NYSE:PR opened at $12.00 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $9.64 billion, a PE ratio of 7.27, a P/E/G ratio of 4.05 and a beta of 1.20. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $17.62. The business’s fifty day simple moving average is $12.50 and its 200-day simple moving average is $13.93.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 5.00%. Permian Resources’s dividend payout ratio is presently 41.96%.

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.