Frontier Capital Management Co. LLC Lowers Stock Position in Permian Resources Co. (NYSE:PR)

Frontier Capital Management Co. LLC lowered its position in Permian Resources Co. (NYSE:PR) by 4.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,349,000 shares of the company’s stock after selling 215,403 shares during the quarter. Frontier Capital Management Co. LLC owned 0.54% of Permian Resources worth $62,539,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Principal Securities Inc. raised its position in Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after purchasing an additional 852 shares during the period. ORG Wealth Partners LLC acquired a new position in Permian Resources during the 4th quarter worth approximately $31,000. Global Retirement Partners LLC boosted its holdings in Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after acquiring an additional 1,232 shares during the period. Rakuten Securities Inc. grew its position in Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after acquiring an additional 2,305 shares in the last quarter. Finally, RE Dickinson Investment Advisors LLC acquired a new position in shares of Permian Resources during the fourth quarter worth $41,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Activity at Permian Resources

In related news, CFO Guy M. Oliphint sold 4,150 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the sale, the chief financial officer now owns 130,467 shares in the company, valued at approximately $1,825,233.33. This trade represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William J. Quinn purchased 500,000 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 9,685 shares of company stock valued at $135,687. Insiders own 6.44% of the company’s stock.

Permian Resources Price Performance

PR stock opened at $11.91 on Thursday. The firm has a 50-day moving average of $12.46 and a two-hundred day moving average of $13.92. The firm has a market capitalization of $9.57 billion, a PE ratio of 7.22, a P/E/G ratio of 4.05 and a beta of 1.20. 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 one year low of $10.01 and a one year high of $17.44.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.44 earnings per share for the quarter, hitting the consensus estimate of $0.44. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.25 EPS. On average, analysts forecast that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 5.04%. Permian Resources’s dividend payout ratio is 41.96%.

Wall Street Analysts Forecast Growth

PR has been the topic of several analyst reports. Truist Financial lifted their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Royal Bank of Canada reduced their price target on Permian Resources from $18.00 to $16.00 and set an “outperform” rating for the company in a report on Monday, April 14th. Morgan Stanley dropped their price objective on Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Finally, Bank of America cut their price target on shares of Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.67.

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.