Cornerstone Investment Partners LLC Sells 6,343 Shares of Permian Resources Co. (NASDAQ:PR)

Cornerstone Investment Partners LLC trimmed its stake in Permian Resources Co. (NASDAQ:PR) by 13.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,427 shares of the company’s stock after selling 6,343 shares during the period. Cornerstone Investment Partners LLC’s holdings in Permian Resources were worth $550,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Xponance Inc. grew its stake in Permian Resources by 51.7% during the 4th quarter. Xponance Inc. now owns 58,464 shares of the company’s stock worth $795,000 after buying an additional 19,934 shares during the last quarter. Federated Hermes Inc. grew its stake in Permian Resources by 352.7% during the 4th quarter. Federated Hermes Inc. now owns 154,786 shares of the company’s stock worth $2,105,000 after buying an additional 120,594 shares during the last quarter. Avior Wealth Management LLC grew its stake in Permian Resources by 23.1% during the 4th quarter. Avior Wealth Management LLC now owns 33,950 shares of the company’s stock worth $462,000 after buying an additional 6,379 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Permian Resources by 110.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,089 shares of the company’s stock worth $1,565,000 after buying an additional 60,474 shares during the last quarter. Finally, Strs Ohio grew its stake in Permian Resources by 20.5% during the 4th quarter. Strs Ohio now owns 61,800 shares of the company’s stock worth $840,000 after buying an additional 10,500 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Insider Activity

In other news, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now directly owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director William J. Quinn sold 18,076,849 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 71,056,620 shares of the company’s stock, valued at approximately $1,116,299,500.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction on 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 directly owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,916,943 shares of company stock valued at $516,796,999. 23.14% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PR has been the topic of several research analyst reports. Piper Sandler boosted their price target on Permian Resources from $17.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, March 7th. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. Bank of America initiated coverage on Permian Resources in a research note on Friday, January 5th. They issued a “neutral” rating and a $15.00 target price on the stock. Wells Fargo & Company upped their target price on Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Stifel Nicolaus upped 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, March 22nd. 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 currently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Permian Resources Price Performance

Shares of NASDAQ:PR traded down $0.07 during midday trading on Friday, hitting $17.11. The company had a trading volume of 2,024,383 shares, compared to its average volume of 9,432,368. Permian Resources Co. has a twelve month low of $8.94 and a twelve month high of $18.28. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market cap of $13.21 billion, a price-to-earnings ratio of 14.82 and a beta of 4.35. The business’s 50-day simple moving average is $16.31 and its 200-day simple moving average is $14.52.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. The company had revenue of $1.12 billion during 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%. On average, research analysts predict that Permian Resources Co. will post 1.71 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were given a dividend of $0.05 per share. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.17%. Permian Resources’s dividend payout ratio is currently 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.