River Road Asset Management LLC Sells 47,226 Shares of Permian Resources Co. (NASDAQ:PR)

River Road Asset Management LLC cut its stake in shares of Permian Resources Co. (NASDAQ:PR) by 0.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,600,184 shares of the company’s stock after selling 47,226 shares during the quarter. Permian Resources accounts for about 1.4% of River Road Asset Management LLC’s holdings, making the stock its 18th biggest holding. River Road Asset Management LLC owned approximately 0.98% of Permian Resources worth $103,363,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. DekaBank Deutsche Girozentrale bought a new stake in shares of Permian Resources in the 4th quarter worth approximately $33,000. Quarry LP bought a new stake in shares of Permian Resources in the 1st quarter worth approximately $33,000. Clearstead Advisors LLC purchased a new position in shares of Permian Resources in the third quarter worth $45,000. Optimum Investment Advisors purchased a new position in shares of Permian Resources in the fourth quarter worth $50,000. Finally, Sandia Investment Management LP purchased a new position in shares of Permian Resources in the first quarter worth $52,000. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. Piper Sandler lifted their target price on shares of Permian Resources from $17.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, March 7th. Mizuho lifted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday. Wells Fargo & Company lifted their target price on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Raymond James started coverage on shares of Permian Resources in a research report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average price target of $19.00.

Insider Buying and Selling

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the sale, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock worth $516,796,999 in the last quarter. Corporate insiders own 23.14% of the company’s stock.

Permian Resources Stock Down 0.4 %

Shares of NASDAQ:PR traded down $0.07 during midday trading on Wednesday, reaching $17.54. The company’s stock had a trading volume of 6,915,279 shares, compared to its average volume of 9,537,326. The firm has a market capitalization of $13.54 billion, a P/E ratio of 15.09 and a beta of 4.35. The firm has a 50 day moving average of $16.15 and a 200-day moving average of $14.48. Permian Resources Co. has a 12-month low of $8.94 and a 12-month high of $18.28. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, research analysts anticipate that Permian Resources Co. will post 1.69 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s payout ratio is 17.24%.

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.