T. Rowe Price Investment Management Inc. Sells 384,771 Shares of Permian Resources Corporation $PR

T. Rowe Price Investment Management Inc. trimmed its position in shares of Permian Resources Corporation (NYSE:PR) by 4.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,979,881 shares of the company’s stock after selling 384,771 shares during the period. T. Rowe Price Investment Management Inc.’s holdings in Permian Resources were worth $110,522,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Permian Resources in the fourth quarter valued at $431,676,000. Nuveen LLC bought a new position in Permian Resources in the first quarter worth about $175,525,000. Price T Rowe Associates Inc. MD raised 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 worth $469,856,000 after buying an additional 12,306,854 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Permian Resources by 55.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock worth $169,864,000 after buying an additional 4,236,141 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new position in Permian Resources in the fourth quarter worth about $57,114,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Price Performance

Shares of PR opened at $13.1250 on Friday. The stock has a market cap of $10.51 billion, a PE ratio of 8.52 and a beta of 1.32. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The firm’s 50-day simple moving average is $13.84 and its two-hundred day simple moving average is $13.33.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.27. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 earnings per share. Analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.6%. Permian Resources’s dividend payout ratio is presently 38.96%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. TD Cowen raised shares of Permian Resources to a “strong-buy” rating in a research note on Monday, July 7th. The Goldman Sachs Group increased their price target on shares of Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. UBS Group increased their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday. Royal Bank Of Canada increased their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday, May 16th. Finally, Wall Street Zen downgraded shares of Permian Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Permian Resources currently has an average rating of “Buy” and an average price target of $18.53.

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.