William Blair Investment Management LLC Lowers Stake in Permian Resources Co. (NYSE:PR)

William Blair Investment Management LLC reduced its stake in shares of Permian Resources Co. (NYSE:PR) by 22.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 24,565 shares of the company’s stock after selling 6,950 shares during the quarter. William Blair Investment Management LLC’s holdings in Permian Resources were worth $353,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PR. Louisiana State Employees Retirement System grew its position in Permian Resources by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock valued at $2,540,000 after acquiring an additional 700 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after purchasing an additional 800 shares during the last quarter. CIBC Asset Management Inc raised its position in Permian Resources by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock worth $226,000 after purchasing an additional 805 shares during the period. Principal Securities Inc. lifted its stake in Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in Permian Resources by 0.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company’s stock valued at $1,862,000 after buying an additional 900 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Price Performance

Shares of PR stock opened at $14.10 on Thursday. The business’s fifty day moving average is $14.35 and its 200 day moving average is $14.33. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $11.33 billion, a price-to-earnings ratio of 8.55, a PEG ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a twelve month low of $11.84 and a twelve month high of $18.28.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.26%. Permian Resources’s payout ratio is 41.96%.

Analyst Ratings Changes

A number of research firms have recently weighed in on PR. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and boosted their target price for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. Piper Sandler lowered their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. JPMorgan Chase & Co. dropped their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Truist Financial upped their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. Finally, Morgan Stanley began coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price target for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.35.

Insider Activity at Permian Resources

In other news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at approximately $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the company’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 in the company, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,446 shares of company stock valued at $269,731 in the last three months. Company insiders own 12.80% of the company’s stock.

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.