Holocene Advisors LP decreased its stake in Permian Resources Co. (NYSE:PR – Free Report) by 40.1% in the third quarter, Holdings Channel.com reports. The firm owned 4,205,240 shares of the company’s stock after selling 2,818,626 shares during the period. Holocene Advisors LP’s holdings in Permian Resources were worth $57,233,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Massachusetts Financial Services Co. MA boosted its holdings in Permian Resources by 9.3% during the 3rd 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. Bank of New York Mellon Corp boosted its holdings in Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after acquiring an additional 4,497,184 shares during the period. Renaissance Technologies LLC boosted 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. Jennison Associates LLC boosted its holdings in Permian Resources by 14.5% during the 3rd 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, Merewether Investment Management LP boosted its holdings in 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 acquiring an additional 3,522,300 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.
Permian Resources Stock Down 2.4 %
Shares of PR stock opened at $15.28 on Tuesday. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The stock’s fifty day moving average price is $14.45 and its 200 day moving average price is $14.89. 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 company has a market cap of $12.28 billion, a price-to-earnings ratio of 9.26, a price-to-earnings-growth ratio of 0.94 and a beta of 4.35.
Permian Resources Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.93%. The ex-dividend date was Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is presently 36.36%.
Analyst Upgrades and Downgrades
PR has been the subject of a number of recent analyst reports. Citigroup dropped their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Susquehanna decreased their target price on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Benchmark decreased their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Mizuho decreased their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, Piper Sandler lifted their target price on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.93.
Get Our Latest Report on Permian Resources
About Permian Resources
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.
Recommended Stories
- Five stocks we like better than Permian Resources
- Best of the list of Dividend Aristocrats: Build wealth with the aristocrat index
- How to Master Trading Discipline: Overcome Emotional Challenges
- What is a buyback in stocks? A comprehensive guide for investors
- Trump Tax Reforms: 7 Stocks That Could Benefit in 2025
- What is the S&P 500 and How It is Distinct from Other Indexes
- 3 Stocks Near 52-Week Lows: Why They Could Be Smart Buys Today
Want to see what other hedge funds are holding PR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Permian Resources Co. (NYSE:PR – Free Report).
Receive News & Ratings for Permian Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Permian Resources and related companies with MarketBeat.com's FREE daily email newsletter.