Permian Resources Co. (NYSE:PR) Position Reduced by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lessened its position in Permian Resources Co. (NYSE:PR) by 23.0% in the 3rd quarter, Holdings Channel reports. The fund owned 5,652,084 shares of the company’s stock after selling 1,692,305 shares during the period. Lord Abbett & CO. LLC’s holdings in Permian Resources were worth $76,925,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PR. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Permian Resources by 2.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 155,874 shares of the company’s stock valued at $2,517,000 after purchasing an additional 4,459 shares in the last quarter. Leeward Investments LLC MA boosted its position in Permian Resources by 2.0% during the 2nd quarter. Leeward Investments LLC MA now owns 2,320,605 shares of the company’s stock worth $37,478,000 after acquiring an additional 46,370 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Permian Resources by 17.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,833 shares of the company’s stock valued at $110,000 after purchasing an additional 1,032 shares during the period. Summit Global Investments acquired a new position in shares of Permian Resources in the 2nd quarter valued at about $1,973,000. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in shares of Permian Resources in the second quarter worth approximately $240,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Down 0.5 %

PR opened at $14.68 on Friday. The business has a 50 day moving average price of $14.67 and a 200 day moving average price of $14.84. 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 Co. has a twelve month low of $12.59 and a twelve month high of $18.28. The firm has a market cap of $11.79 billion, a P/E ratio of 8.90, a price-to-earnings-growth ratio of 0.90 and a beta of 4.35.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business’s revenue was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 EPS. Research analysts forecast that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a dividend of $0.15 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 4.09%. Permian Resources’s dividend payout ratio is presently 36.36%.

Analyst Ratings Changes

A number of research analysts recently commented on PR shares. UBS Group lowered their price objective on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Truist Financial boosted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Mizuho lowered their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Finally, Susquehanna dropped their target price on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Two 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.93.

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.