Permian Resources Co. (NYSE:PR) Shares Sold by Bridgewater Associates LP

Bridgewater Associates LP cut its holdings in Permian Resources Co. (NYSE:PRFree Report) by 97.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,862 shares of the company’s stock after selling 775,442 shares during the quarter. Bridgewater Associates LP’s holdings in Permian Resources were worth $298,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Freedom Investment Management Inc. increased its holdings in shares of Permian Resources by 12.3% in the third quarter. Freedom Investment Management Inc. now owns 55,627 shares of the company’s stock valued at $757,000 after purchasing an additional 6,086 shares during the period. Townsquare Capital LLC acquired a new position in Permian Resources in the 3rd quarter valued at $257,000. Transamerica Financial Advisors Inc. purchased a new position in Permian Resources during the 3rd quarter worth $65,000. The Manufacturers Life Insurance Company lifted its stake in shares of Permian Resources by 20.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 579,375 shares of the company’s stock worth $7,885,000 after acquiring an additional 100,056 shares during the period. Finally, Truvestments Capital LLC purchased a new stake in shares of Permian Resources in the third quarter valued at about $96,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

Shares of PR opened at $15.58 on Wednesday. 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 50-day moving average of $14.48 and a two-hundred day moving average of $14.89. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28. The stock has a market cap of $12.52 billion, a P/E ratio of 9.44, a PEG ratio of 0.92 and a beta of 4.35.

Permian Resources (NYSE:PRGet Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the business earned $0.36 earnings per share. The business’s revenue was up 60.3% on a year-over-year basis. As a group, research analysts predict that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were given a $0.15 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.85%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is currently 36.36%.

Analyst Ratings Changes

Several research firms recently issued reports on PR. Truist Financial increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 8th. UBS Group reduced their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. JPMorgan Chase & Co. cut their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Wells Fargo & Company decreased their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.93.

Check Out Our Latest Research Report on Permian Resources

Permian Resources Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Permian Resources (NYSE:PR)

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