Prudential Financial Inc. Decreases Position in Permian Resources Co. (NYSE:PR)

Prudential Financial Inc. trimmed its holdings in shares of Permian Resources Co. (NYSE:PR) by 9.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,238 shares of the company’s stock after selling 8,754 shares during the quarter. Prudential Financial Inc.’s holdings in Permian Resources were worth $1,232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in PR. Kingsview Wealth Management LLC acquired a new position in Permian Resources during the 4th quarter valued at approximately $632,000. Wright Investors Service Inc. acquired a new position in shares of Permian Resources in the 4th quarter valued at $498,000. Charles Schwab Investment Management Inc. raised its stake in Permian Resources by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock worth $62,407,000 after acquiring an additional 176,320 shares during the last quarter. New York State Teachers Retirement System lifted its position in Permian Resources by 36.9% during the 4th quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock worth $3,881,000 after acquiring an additional 72,726 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in Permian Resources during the 3rd quarter valued at about $2,172,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on PR shares. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and upped their price objective for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. JPMorgan Chase & Co. cut their price objective on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Morgan Stanley lowered their price target on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Finally, Piper Sandler reduced their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.13.

Insider Activity

In other news, CFO Guy M. Oliphint sold 4,150 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the sale, the chief financial officer now directly owns 130,467 shares in the company, valued at $1,825,233.33. This represents a 3.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at $822,525.36. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock worth $135,687 over the last 90 days. 12.80% of the stock is currently owned by company insiders.

Permian Resources Trading Down 12.4 %

Shares of PR stock opened at $10.74 on Monday. Permian Resources Co. has a 1-year low of $10.62 and a 1-year high of $18.28. The company has a market cap of $8.63 billion, a price-to-earnings ratio of 6.51, a PEG ratio of 4.05 and a beta of 3.81. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a 50 day simple moving average of $13.87 and a 200-day simple moving average of $14.34.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 5.59%. The ex-dividend date was Monday, March 17th. Permian Resources’s payout ratio is 41.96%.

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.