American Century Companies Inc. Sells 34,121 Shares of Permian Resources Corporation $PR

American Century Companies Inc. trimmed its position in shares of Permian Resources Corporation (NYSE:PR) by 0.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,009,153 shares of the company’s stock after selling 34,121 shares during the quarter. American Century Companies Inc.’s holdings in Permian Resources were worth $140,917,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Ruffer LLP purchased a new position in shares of Permian Resources in the third quarter worth $2,608,000. Massachusetts Financial Services Co. MA raised its position in shares of 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 worth $236,207,000 after acquiring an additional 1,421,059 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in Permian Resources by 101.0% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock valued at $6,920,000 after purchasing an additional 271,668 shares during the period. Cresset Asset Management LLC grew its position in shares of Permian Resources by 599.2% in the second quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock valued at $2,377,000 after purchasing an additional 149,548 shares during the period. Finally, Advisors Asset Management Inc. increased its stake in shares of Permian Resources by 5.9% during the second quarter. Advisors Asset Management Inc. now owns 325,956 shares of the company’s stock worth $4,440,000 after purchasing an additional 18,081 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insiders Place Their Bets

In other news, CEO James H. Walter sold 467,700 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the completion of the transaction, the chief executive officer owned 1,010,138 shares of the company’s stock, valued at $13,768,180.94. The trade was a 31.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Guy M. Oliphint sold 172,904 shares of the stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the completion of the sale, the executive vice president owned 616,683 shares in the company, valued at $8,405,389.29. This represents a 21.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 2,210,456 shares of company stock worth $30,231,728. Insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

PR has been the subject of several recent research reports. Mizuho increased their price objective on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Morgan Stanley cut their price target on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a report on Monday, December 29th. Raymond James Financial restated a “strong-buy” rating and set a $21.00 price target on shares of Permian Resources in a research note on Thursday. Finally, TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a research note on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $18.64.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $18.28 on Monday. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $18.58. The stock has a market capitalization of $15.16 billion, a price-to-earnings ratio of 14.62 and a beta of 0.66. The firm’s fifty day simple moving average is $15.52 and its 200-day simple moving average is $14.21. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78.

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

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a $0.16 dividend. The ex-dividend date is Tuesday, March 17th. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. Permian Resources’s payout ratio is 48.00%.

Permian Resources Profile

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.