Manning & Napier Advisors LLC Cuts Stake in Permian Resources Co. (NYSE:PR)

Manning & Napier Advisors LLC cut its holdings in shares of Permian Resources Co. (NYSE:PR) by 35.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,570 shares of the company’s stock after selling 68,605 shares during the period. Manning & Napier Advisors LLC’s holdings in Permian Resources were worth $1,763,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Hexagon Capital Partners LLC boosted its position in shares of Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after buying an additional 1,998 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Permian Resources during the fourth quarter valued at $31,000. UMB Bank n.a. boosted its position in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after buying an additional 1,390 shares during the last quarter. Sunbelt Securities Inc. boosted its position in shares of Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after buying an additional 800 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Permian Resources by 399.5% during the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after buying an additional 2,629 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Down 0.5 %

Shares of PR opened at $15.04 on Friday. The business’s 50 day moving average is $14.94 and its 200 day moving average is $14.59. Permian Resources Co. has a 12-month low of $12.59 and a 12-month high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $12.08 billion, a PE ratio of 9.11, a price-to-earnings-growth ratio of 4.60 and a beta of 4.32.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the business earned $0.36 EPS. Permian Resources’s revenue was up 60.3% compared to the same quarter last year. Research analysts expect that Permian Resources Co. will post 1.44 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.99%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is presently 36.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Piper Sandler increased their price objective on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday. Morgan Stanley started coverage on Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price on the stock. Benchmark dropped their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Finally, Truist Financial raised their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.13.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.80% of the stock is currently owned by corporate insiders.

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.