SG Americas Securities LLC Reduces Position in Permian Resources Co. (NYSE:PR)

SG Americas Securities LLC decreased its position in shares of Permian Resources Co. (NYSE:PR) by 40.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,728 shares of the company’s stock after selling 17,123 shares during the quarter. SG Americas Securities LLC’s holdings in Permian Resources were worth $370,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp increased its stake in Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after purchasing an additional 1,263,460 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Permian Resources by 9.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after acquiring an additional 1,543,854 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after acquiring an additional 1,638,618 shares during the period. Jennison Associates LLC boosted its holdings in shares of Permian Resources by 14.5% in the third quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock valued at $104,080,000 after acquiring an additional 966,940 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in shares of Permian Resources by 58.3% during the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after purchasing an additional 2,023,742 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Performance

Permian Resources stock opened at $14.42 on Tuesday. The stock has a market cap of $11.58 billion, a P/E ratio of 8.74, a price-to-earnings-growth ratio of 4.06 and a beta of 4.28. 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 stock has a 50 day moving average of $14.88 and a 200-day moving average of $14.54. Permian Resources Co. has a 52 week low of $12.59 and a 52 week high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings results 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. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business’s revenue was up 60.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. On average, analysts expect that Permian Resources Co. will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 4.16%. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Insider Transactions at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 12.80% of the company’s stock.

Wall Street Analyst Weigh In

PR has been the subject of several recent research reports. Truist Financial increased their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Piper Sandler lifted their price target on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Morgan Stanley began coverage on Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. Finally, Benchmark dropped their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.13.

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.