Allspring Global Investments Holdings LLC Has $7.54 Million Holdings in Permian Resources Corporation $PR

Allspring Global Investments Holdings LLC cut its position in Permian Resources Corporation (NYSE:PR) by 4.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 523,809 shares of the company’s stock after selling 26,768 shares during the period. Allspring Global Investments Holdings LLC owned 0.06% of Permian Resources worth $7,543,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Permian Resources by 10.4% in the third quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after buying an additional 6,705,644 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Permian Resources by 20.9% in the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock valued at $346,919,000 after buying an additional 4,691,280 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Permian Resources by 8.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after buying an additional 1,421,059 shares in the last quarter. Boston Partners lifted its position in shares of Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after purchasing an additional 7,503,654 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC lifted its position in shares of Permian Resources by 24.7% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,263,570 shares of the company’s stock worth $169,774,000 after purchasing an additional 2,628,744 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Permian Resources

In other Permian Resources news, Director Aron Marquez sold 7,750 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total value of $152,055.00. Following the completion of the sale, the director owned 72,218 shares of the company’s stock, valued at approximately $1,416,917.16. This represents a 9.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Quinn sold 512,429 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the completion of the sale, the director directly owned 6,914,410 shares of the company’s stock, valued at $135,453,291.90. The trade was a 6.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 3,130,066 shares of company stock valued at $58,837,655. Corporate insiders own 6.44% of the company’s stock.

Permian Resources Trading Down 0.3%

PR opened at $21.11 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $17.65 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 3.15 and a beta of 0.56. The firm has a 50 day simple moving average of $18.53 and a 200 day simple moving average of $15.34. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $21.99.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the firm earned $0.36 earnings per share. The business’s quarterly revenue was down 9.8% on a year-over-year basis. On average, sell-side analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were paid a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, March 17th. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 3.0%. Permian Resources’s payout ratio is currently 51.20%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PR. TD Cowen upped their target price on shares of Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 17th. Raymond James Financial reiterated a “strong-buy” rating and set a $21.00 target price on shares of Permian Resources in a research report on Thursday, February 26th. Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 6th. Morgan Stanley reduced their target price on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. Finally, Royal Bank Of Canada upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, March 2nd. Four analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Permian Resources has an average rating of “Buy” and a consensus price target of $21.43.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.