Worldquant Millennium Advisors LLC Decreases Stock Holdings in Permian Resources Co. (NYSE:PR)

Worldquant Millennium Advisors LLC trimmed its position in shares of Permian Resources Co. (NYSE:PR) by 30.7% during the 4th quarter, Holdings Channel reports. The fund owned 131,828 shares of the company’s stock after selling 58,430 shares during the period. Worldquant Millennium Advisors LLC’s holdings in Permian Resources were worth $1,896,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Permian Resources by 0.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock worth $2,021,000 after acquiring an additional 662 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of Permian Resources by 0.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock worth $2,540,000 after acquiring an additional 700 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Permian Resources by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock valued at $226,000 after purchasing an additional 805 shares during the last quarter. Principal Securities Inc. raised its holdings in Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after buying an additional 852 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its holdings in Permian Resources by 0.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company’s stock valued at $1,862,000 after buying an additional 900 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Guy M. Oliphint sold 4,150 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the transaction, 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares in the company, 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 90 days, insiders have sold 9,685 shares of company stock worth $135,687. Company insiders own 6.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Piper Sandler decreased their price target on Permian Resources from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. JPMorgan Chase & Co. decreased their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Citigroup lowered Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Bank of America decreased their price target on Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. Finally, Morgan Stanley decreased their price target on Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $18.63.

Permian Resources Stock Performance

PR stock opened at $12.86 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 fifty day simple moving average is $12.56 and its two-hundred day simple moving average is $13.89. Permian Resources Co. has a twelve month low of $10.01 and a twelve month high of $16.95. The firm has a market cap of $10.33 billion, a price-to-earnings ratio of 7.79, a PEG ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR) last released its 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). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the business earned $0.25 EPS. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. Analysts predict that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.67%. Permian Resources’s dividend payout ratio is currently 37.04%.

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.