Barclays PLC Sells 149,103 Shares of Permian Resources Co. (NYSE:PR)

Barclays PLC decreased its position in shares of Permian Resources Co. (NYSE:PR) by 18.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 640,844 shares of the company’s stock after selling 149,103 shares during the quarter. Barclays PLC owned approximately 0.08% of Permian Resources worth $8,722,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position in Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares during the period. Merewether Investment Management LP lifted its stake in shares of Permian Resources by 148.1% during the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock valued at $95,292,000 after buying an additional 3,522,300 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in Permian Resources by 16,359.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after buying an additional 3,451,923 shares during the period. Yaupon Capital Management LP grew its stake in Permian Resources by 225.0% in the 3rd quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock valued at $51,016,000 after buying an additional 2,595,137 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after acquiring an additional 1,555,884 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on PR. Wells Fargo & Company cut their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. UBS Group reduced their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Piper Sandler lowered their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday. Benchmark cut 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 report on Wednesday, October 16th. Finally, Truist Financial upped their target price 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. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.87.

Permian Resources Stock Performance

NYSE PR opened at $13.97 on Wednesday. Permian Resources Co. has a 52-week low of $12.59 and a 52-week high of $18.28. The company has a fifty day moving average of $14.65 and a 200-day moving average of $14.79. The company has a market capitalization of $11.22 billion, a P/E ratio of 8.47, a P/E/G ratio of 0.88 and a beta of 4.35. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter last year, the business posted $0.36 earnings per share. The company’s revenue for the quarter was up 60.3% on a year-over-year basis. As a group, equities research analysts predict that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 4.29%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is currently 36.36%.

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.