Millennium Management LLC Has $69.53 Million Stake in Permian Resources Co. (NYSE:PR)

Millennium Management LLC trimmed its position in shares of Permian Resources Co. (NYSE:PR) by 31.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,835,281 shares of the company’s stock after selling 2,200,339 shares during the period. Millennium Management LLC owned approximately 0.60% of Permian Resources worth $69,531,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Lazard Asset Management LLC increased its position in Permian Resources by 23.3% during the fourth quarter. Lazard Asset Management LLC now owns 62,518 shares of the company’s stock worth $897,000 after acquiring an additional 11,797 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Permian Resources by 15.6% during the 4th quarter. Janus Henderson Group PLC now owns 264,297 shares of the company’s stock worth $3,802,000 after purchasing an additional 35,700 shares during the period. Ground Swell Capital LLC acquired a new position in shares of Permian Resources during the fourth quarter valued at about $187,000. Ethic Inc. lifted its stake in shares of Permian Resources by 85.4% in the fourth quarter. Ethic Inc. now owns 25,063 shares of the company’s stock valued at $360,000 after buying an additional 11,542 shares during the period. Finally, Ensign Peak Advisors Inc grew its position in Permian Resources by 31.1% during the fourth quarter. Ensign Peak Advisors Inc now owns 399,846 shares of the company’s stock worth $5,750,000 after buying an additional 94,757 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was 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 directly owns 130,467 shares in the company, valued at $1,825,233.33. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the business’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 sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at $822,525.36. This represents a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock worth $135,687 in the last 90 days. Corporate insiders own 6.44% of the company’s stock.

Permian Resources Stock Performance

NYSE:PR opened at $13.53 on Friday. The stock has a market capitalization of $10.87 billion, a P/E ratio of 8.20, a price-to-earnings-growth 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 1 year low of $10.01 and a 1 year high of $16.95. The firm has a 50 day moving average of $12.57 and a 200-day moving average of $13.90.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.25 earnings per share. As a group, sell-side analysts anticipate that Permian Resources Co. will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.43%. Permian Resources’s dividend payout ratio is 37.04%.

Analyst Upgrades and Downgrades

Several research firms have commented on PR. UBS Group upped their price target on Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a report on Monday. Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Piper Sandler lowered their price target on shares of Permian Resources from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Tuesday. Morgan Stanley reduced their price objective on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Finally, Williams Trading set a $19.00 target price on shares of Permian Resources in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.47.

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.