Los Angeles Capital Management LLC Sells 24,296 Shares of Permian Resources Co. (NASDAQ:PR)

Los Angeles Capital Management LLC lessened its position in Permian Resources Co. (NASDAQ:PR) by 21.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 91,564 shares of the company’s stock after selling 24,296 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Permian Resources were worth $1,245,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of PR. DekaBank Deutsche Girozentrale acquired a new stake in Permian Resources in the 4th quarter worth $33,000. GAMMA Investing LLC acquired a new stake in Permian Resources during the fourth quarter worth about $43,000. Clearstead Advisors LLC bought a new position in Permian Resources during the third quarter valued at about $45,000. Optimum Investment Advisors acquired a new position in Permian Resources in the 4th quarter valued at approximately $50,000. Finally, Fifth Third Bancorp lifted its position in shares of Permian Resources by 1,290.7% in the 4th quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock worth $57,000 after acquiring an additional 3,872 shares during the period. Institutional investors own 91.84% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Brent P. Jensen sold 1,853 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the transaction, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William J. Quinn sold 18,076,849 shares of Permian Resources stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the sale, the director now owns 71,056,620 shares of the company’s stock, valued at approximately $1,116,299,500.20. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock valued at $516,796,999 in the last 90 days. 12.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PR shares. Wells Fargo & Company upped their target price on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Piper Sandler raised their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. Stifel Nicolaus raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Finally, Benchmark reaffirmed a “buy” rating and set a $17.00 price objective on shares of Permian Resources in a report on Tuesday, April 23rd. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.38.

Permian Resources Stock Down 1.7 %

Shares of PR opened at $17.26 on Thursday. The company has a market capitalization of $13.32 billion, a P/E ratio of 14.88 and a beta of 4.32. Permian Resources Co. has a one year low of $8.94 and a one year high of $18.28. The business’s 50 day simple moving average is $16.99 and its 200-day simple moving average is $14.80. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. As a group, sell-side analysts predict that Permian Resources Co. will post 1.66 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st will be given a dividend of $0.06 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date is Monday, May 20th. This represents a $0.24 annualized dividend and a yield of 1.39%. Permian Resources’s dividend payout ratio is 17.24%.

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.