Ninepoint Partners LP Sells 80,800 Shares of Permian Resources Co. (NYSE:PR)

Ninepoint Partners LP lowered its stake in Permian Resources Co. (NYSE:PR) by 10.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 719,200 shares of the company’s stock after selling 80,800 shares during the period. Permian Resources accounts for about 1.5% of Ninepoint Partners LP’s holdings, making the stock its 13th largest holding. Ninepoint Partners LP owned 0.09% of Permian Resources worth $10,342,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp grew its stake in shares of Permian Resources by 6.1% in the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after buying an additional 1,263,460 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Permian Resources by 9.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after buying an additional 1,543,854 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Permian Resources by 7.2% during the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company’s stock valued at $196,025,000 after buying an additional 909,740 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after buying an additional 1,638,618 shares during the period. Finally, Jennison Associates LLC raised its holdings in Permian Resources by 19.8% in the 4th quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock worth $131,710,000 after purchasing an additional 1,511,923 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and raised their target price for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. Williams Trading set a $19.00 price objective on Permian Resources in a research report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday. Morgan Stanley initiated coverage on shares of Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective for the company. Finally, Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.35.

Permian Resources Stock Performance

NYSE:PR opened at $13.63 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market capitalization of $10.95 billion, a P/E ratio of 8.26, a PEG ratio of 4.05 and a beta of 4.30. The company has a 50 day moving average price of $14.42 and a 200 day moving average price of $14.34. Permian Resources Co. has a fifty-two week low of $11.84 and a fifty-two week high of $18.28.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.40%. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

Insiders Place Their Bets

In related news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Quinn acquired 500,000 shares of the stock in a transaction on Monday, March 3rd. The shares were acquired at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the transaction, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 18,446 shares of company stock worth $269,731 in the last ninety days. 12.80% of the stock is owned by corporate insiders.

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.