Permian Resources Co. (NYSE:PR) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lessened its stake in Permian Resources Co. (NYSE:PR) by 23.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,652,084 shares of the company’s stock after selling 1,692,305 shares during the period. Lord Abbett & CO. LLC owned about 0.70% of Permian Resources worth $76,925,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Tributary Capital Management LLC increased its position in shares of Permian Resources by 8,360.8% in the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock worth $699,000 after purchasing an additional 50,750 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in Permian Resources by 58.3% in the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after buying an additional 2,023,742 shares during the last quarter. South Street Advisors LLC bought a new stake in Permian Resources in the third quarter valued at about $7,142,000. Oppenheimer Asset Management Inc. acquired a new stake in Permian Resources during the third quarter valued at approximately $556,000. Finally, King Luther Capital Management Corp lifted its holdings in Permian Resources by 8.3% during the 3rd quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company’s stock worth $71,241,000 after buying an additional 402,515 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Trading Down 0.5 %

Shares of Permian Resources stock opened at $14.68 on Friday. The business has a fifty day simple moving average of $14.67 and a 200-day simple moving average of $14.84. Permian Resources Co. has a fifty-two week low of $12.59 and a fifty-two week high of $18.28. The firm has a market cap of $11.79 billion, a price-to-earnings ratio of 8.90, a price-to-earnings-growth ratio of 0.90 and a beta of 4.35. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company posted $0.36 EPS. The business’s revenue was up 60.3% compared to the same quarter last year. On average, equities analysts forecast that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were issued a $0.15 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.09%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is currently 36.36%.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of research analyst reports. Susquehanna lowered their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Piper Sandler increased their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Benchmark reduced their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. The Goldman Sachs Group began coverage on shares of Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 price objective for the company. Finally, Wells Fargo & Company cut their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

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.