Sandia Investment Management LP Has $108,000 Holdings in Permian Resources Co. (NYSE:PR)

Sandia Investment Management LP decreased its position in shares of Permian Resources Co. (NYSE:PR) by 40.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,500 shares of the company’s stock after selling 5,000 shares during the period. Sandia Investment Management LP’s holdings in Permian Resources were worth $108,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Permian Resources during the fourth quarter worth about $431,676,000. Price T Rowe Associates Inc. MD increased its stake in Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $469,856,000 after purchasing an additional 12,306,854 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Permian Resources by 55.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock worth $169,864,000 after acquiring an additional 4,236,141 shares in the last quarter. Freestone Grove Partners LP bought a new stake in shares of Permian Resources during the fourth quarter worth $57,114,000. Finally, Invesco Ltd. grew its position in Permian Resources by 56.1% in the fourth quarter. Invesco Ltd. now owns 7,920,750 shares of the company’s stock valued at $113,900,000 after purchasing an additional 2,845,449 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PR. Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Piper Sandler reduced their target price 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 dropped their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. The Goldman Sachs Group upped their target price on shares of Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday. Finally, UBS Group increased their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, May 12th. One 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. According to data from MarketBeat.com, Permian Resources currently has a consensus rating of “Moderate Buy” and an average price target of $18.33.

Permian Resources Price Performance

Shares of NYSE PR opened at $13.50 on Friday. 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 business’s 50 day moving average price is $12.58 and its 200 day moving average price is $13.90. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $16.95. The firm has a market cap of $10.84 billion, a P/E ratio of 8.18, a P/E/G ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the company posted $0.25 EPS. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, sell-side analysts expect that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

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 given a $0.15 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.45%. Permian Resources’s dividend payout ratio (DPR) is 37.04%.

Insiders Place Their Bets

In related news, CFO Guy M. Oliphint sold 4,150 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the completion of the transaction, the chief financial officer now owns 130,467 shares of the company’s stock, 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 filing with the SEC, which is available through the SEC website. 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 sale, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at $822,525.36. The trade was a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,685 shares of company stock worth $135,687. Corporate insiders own 6.44% of the company’s stock.

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.