Two Sigma Investments LP decreased its position in shares of Permian Resources Co. (NASDAQ:PR – Get Rating) by 34.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,123,209 shares of the company’s stock after selling 1,675,649 shares during the quarter. Two Sigma Investments LP owned 0.56% of Permian Resources worth $29,358,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also recently made changes to their positions in the company. SailingStone Capital Partners LLC purchased a new stake in shares of Permian Resources during the fourth quarter valued at approximately $1,195,000. Heritage Wealth Management LLC boosted its holdings in Permian Resources by 133.1% in the fourth quarter. Heritage Wealth Management LLC now owns 59,490 shares of the company’s stock worth $559,000 after purchasing an additional 33,968 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Permian Resources by 7.5% in the fourth quarter. Renaissance Technologies LLC now owns 3,087,100 shares of the company’s stock worth $29,019,000 after purchasing an additional 214,800 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Permian Resources by 1.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 84,718 shares of the company’s stock worth $796,000 after purchasing an additional 972 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Permian Resources by 4.2% in the fourth quarter. Geode Capital Management LLC now owns 3,735,109 shares of the company’s stock worth $35,110,000 after purchasing an additional 151,531 shares during the last quarter. Hedge funds and other institutional investors own 88.44% of the company’s stock.
Permian Resources Stock Down 2.8 %
Shares of PR stock opened at $10.08 on Tuesday. The company has a market capitalization of $5.64 billion, a price-to-earnings ratio of 5.39 and a beta of 4.53. Permian Resources Co. has a one year low of $5.08 and a one year high of $12.05. The company’s fifty day moving average price is $10.14 and its 200-day moving average price is $10.02. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.65 and a quick ratio of 0.65.
Permian Resources Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 24th. Shareholders of record on Tuesday, May 16th were issued a $0.05 dividend. The ex-dividend date of this dividend was Monday, May 15th. This represents a $0.20 dividend on an annualized basis and a yield of 1.98%. Permian Resources’s dividend payout ratio is currently 10.70%.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on PR. Stifel Nicolaus raised their target price on shares of Permian Resources from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, April 13th. TD Cowen upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price target on the stock in a research report on Wednesday, March 1st. TD Cowen upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price target on the stock in a research report on Wednesday, March 1st. Truist Financial increased their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, April 11th. Finally, UBS Group started coverage on shares of Permian Resources in a research report on Wednesday, April 19th. They issued a “neutral” rating and a $13.00 price target on the stock. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.00.
About Permian Resources
Permian Resources Corp. engages in the exploration and production of oil and natural gas. It also focuses on driving sustainable returns through the responsible acquisition, optimization, and development of crude oil. The company was founded on October 6, 2014 and is headquartered in Midland, TX.
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