Holocene Advisors LP Sells 2,818,626 Shares of Permian Resources Co. (NYSE:PR)

Holocene Advisors LP decreased its position in Permian Resources Co. (NYSE:PR) by 40.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,205,240 shares of the company’s stock after selling 2,818,626 shares during the quarter. Holocene Advisors LP owned approximately 0.52% of Permian Resources worth $57,233,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Hexagon Capital Partners LLC raised its holdings in Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after purchasing an additional 1,998 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Permian Resources in the second quarter worth $30,000. UMB Bank n.a. grew its stake in shares of Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after acquiring an additional 1,390 shares during the last quarter. Gilliland Jeter Wealth Management LLC purchased a new stake in shares of Permian Resources in the second quarter worth $40,000. Finally, Blue Trust Inc. grew its stake in shares of Permian Resources by 399.5% in the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after acquiring an additional 2,629 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Truist Financial increased their target price on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. Mizuho dropped their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Citigroup lowered their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, Piper Sandler increased their target price on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Stock Down 2.4 %

NYSE PR opened at $15.28 on Tuesday. The stock’s 50-day moving average price is $14.45 and its 200-day moving average price is $14.89. The company has a market capitalization of $12.28 billion, a P/E ratio of 9.26, a price-to-earnings-growth ratio of 0.94 and a beta of 4.35. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm’s quarterly revenue was up 60.3% on a year-over-year basis. During the same quarter last year, the company earned $0.36 EPS. On average, equities research analysts predict that Permian Resources Co. will post 1.47 earnings per share for the current year.

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 issued 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 a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) 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.