Lord Abbett & CO. LLC Has $82.34 Million Holdings in Permian Resources Corporation $PR

Lord Abbett & CO. LLC lowered its stake in Permian Resources Corporation (NYSE:PR) by 14.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 5,868,810 shares of the company’s stock after selling 1,029,764 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Permian Resources were worth $82,339,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PR. Los Angeles Capital Management LLC acquired a new stake in shares of Permian Resources in the fourth quarter worth about $39,000. State of Wyoming lifted its position in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after buying an additional 1,640 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after buying an additional 3,224 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of Permian Resources in the fourth quarter worth about $60,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Permian Resources by 126.1% in the fourth quarter. Farther Finance Advisors LLC now owns 4,442 shares of the company’s stock worth $62,000 after buying an additional 2,477 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PR. Weiss Ratings cut Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 12th. Royal Bank Of Canada lifted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, March 2nd. Piper Sandler lifted their price objective on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Truist Financial lifted their price objective on Permian Resources from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Finally, TD Cowen lifted their price objective on Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $22.69.

Permian Resources Trading Up 1.1%

Permian Resources stock opened at $19.48 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The business’s 50-day simple moving average is $20.32 and its 200-day simple moving average is $17.74. The firm has a market capitalization of $16.31 billion, a PE ratio of 22.65 and a beta of 0.48. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 earnings per share. Equities research analysts forecast that Permian Resources Corporation will post 2.01 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.3%. Permian Resources’s dividend payout ratio is 74.42%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Aron Marquez sold 7,750 shares of the business’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total transaction of $152,055.00. Following the completion of the sale, the director directly owned 72,218 shares in the company, valued at $1,416,917.16. This trade represents a 9.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 588,198 shares of company stock valued at $11,576,280 in the last quarter. Corporate insiders own 5.00% of the company’s stock.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.