Manning & Napier Advisors LLC Sells 68,605 Shares of Permian Resources Co. (NYSE:PR)

Manning & Napier Advisors LLC trimmed its stake in Permian Resources Co. (NYSE:PR) by 35.9% in the 4th quarter, HoldingsChannel reports. The fund owned 122,570 shares of the company’s stock after selling 68,605 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Permian Resources were worth $1,763,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Sunbelt Securities Inc. raised its position in shares of Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after acquiring an additional 800 shares in the last quarter. Blue Trust Inc. raised its position in shares of Permian Resources by 28.6% in the 4th quarter. Blue Trust Inc. now owns 4,226 shares of the company’s stock worth $58,000 after acquiring an additional 939 shares in the last quarter. Avior Wealth Management LLC raised its position in shares of Permian Resources by 0.9% in the 3rd quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock worth $1,560,000 after acquiring an additional 1,007 shares in the last quarter. Icon Wealth Advisors LLC increased its position in Permian Resources by 1.0% during the 3rd quarter. Icon Wealth Advisors LLC now owns 130,880 shares of the company’s stock valued at $1,781,000 after buying an additional 1,349 shares in the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its position in Permian Resources by 0.7% during the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 184,475 shares of the company’s stock valued at $2,511,000 after buying an additional 1,370 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, 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 value of $134,043.30. Following the completion of the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Morgan Stanley assumed coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 target price on the stock. Benchmark reduced their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Piper Sandler upped their target price on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday. Truist Financial upped their target price on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.13.

Permian Resources Stock Down 0.5 %

Shares of PR opened at $15.04 on Friday. Permian Resources Co. has a 52 week low of $12.59 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. The company has a market capitalization of $12.08 billion, a price-to-earnings ratio of 9.11, a PEG ratio of 4.60 and a beta of 4.32. The stock’s 50-day moving average price is $14.94 and its 200-day moving average price is $14.59.

Permian Resources (NYSE:PR) last released its quarterly 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 company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, sell-side analysts predict that Permian Resources Co. will post 1.44 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a $0.15 dividend. This is a boost 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 dividend on an annualized basis and a yield of 3.99%. Permian Resources’s dividend payout ratio is presently 36.36%.

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.