Massachusetts Financial Services Co. MA Trims Holdings in Permian Resources Corporation $PR

Massachusetts Financial Services Co. MA lessened its holdings in shares of Permian Resources Corporation (NYSE:PR) by 6.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,200,154 shares of the company’s stock after selling 1,253,518 shares during the period. Massachusetts Financial Services Co. MA owned about 2.07% of Permian Resources worth $241,318,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PR. Curated Wealth Partners LLC boosted its position in Permian Resources by 1.1% during the 4th quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock valued at $991,000 after acquiring an additional 747 shares in the last quarter. Chilton Capital Management LLC grew its holdings in shares of Permian Resources by 3.5% during the 3rd quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock worth $303,000 after acquiring an additional 800 shares during the period. Inscription Capital LLC grew its holdings in shares of Permian Resources by 3.5% during the 3rd quarter. Inscription Capital LLC now owns 28,219 shares of the company’s stock worth $361,000 after acquiring an additional 948 shares during the period. Rothschild Investment LLC grew its holdings in shares of Permian Resources by 7.1% during the 3rd quarter. Rothschild Investment LLC now owns 14,651 shares of the company’s stock worth $188,000 after acquiring an additional 974 shares during the period. Finally, Allworth Financial LP grew its holdings in shares of Permian Resources by 18.7% during the 3rd quarter. Allworth Financial LP now owns 6,445 shares of the company’s stock worth $82,000 after acquiring an additional 1,015 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PR. Susquehanna reduced their target price on Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a report on Monday, January 26th. Benchmark downgraded Permian Resources from a “buy” rating to a “hold” rating in a report on Thursday, March 5th. Scotiabank upgraded Permian Resources to a “strong-buy” rating in a report on Friday, March 27th. Royal Bank Of Canada upped their target price on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday, March 2nd. Finally, Piper Sandler upped their target price on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Five investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Permian Resources has an average rating of “Buy” and a consensus price target of $22.06.

Insiders Place Their Bets

In other Permian Resources news, Director Jeffrey Tepper sold 50,000 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $19.38, for a total value of $969,000.00. Following the sale, the director directly owned 150,546 shares of the company’s stock, valued at approximately $2,917,581.48. The trade was a 24.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Aron Marquez sold 7,750 shares of the business’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total value of $152,055.00. Following the completion of the sale, the director directly owned 72,218 shares in the company, valued at $1,416,917.16. This trade represents a 9.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 3,130,066 shares of company stock valued at $58,837,655. Company insiders own 12.80% of the company’s stock.

Permian Resources Trading Up 0.0%

Permian Resources stock opened at $20.67 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $18.93 and its two-hundred day simple moving average is $15.54. Permian Resources Corporation has a 12 month low of $10.38 and a 12 month high of $21.99. The company has a market capitalization of $17.28 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 2.85 and a beta of 0.56.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, equities analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.1%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, March 17th. Permian Resources’s dividend payout ratio is presently 51.20%.

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.