Permian Resources (NYSE:PR) EVP Sells $121,196.25 in Stock

Permian Resources Corporation (NYSE:PR) EVP Guy Oliphint sold 5,103 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following the sale, the executive vice president owned 537,400 shares in the company, valued at approximately $12,763,250. This represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Permian Resources Price Performance

Shares of Permian Resources stock traded down $0.10 on Thursday, reaching $23.72. The stock had a trading volume of 5,837,416 shares, compared to its average volume of 9,757,025. The business’s 50 day moving average is $20.91 and its two-hundred day moving average is $20.16. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $24.09. The company has a market cap of $19.87 billion, a P/E ratio of 15.71 and a beta of 0.49.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the firm posted $0.28 EPS. Permian Resources’s revenue was up 55.1% on a year-over-year basis. As a group, research analysts anticipate that Permian Resources Corporation will post 2.24 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is 42.38%.

Analyst Upgrades and Downgrades

PR has been the topic of a number of research analyst reports. Citigroup decreased their target price on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Wall Street Zen upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Roth Capital set a $23.00 target price on shares of Permian Resources and gave the company a “buy” rating in a research note on Monday, June 22nd. UBS Group reduced their price objective on Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday, July 17th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a research note on Wednesday, August 19th. Six research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $23.65.

Institutional Investors Weigh In On Permian Resources

Institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its holdings in shares of Permian Resources by 1,885.1% during the second quarter. California State Teachers Retirement System now owns 16,229,501 shares of the company’s stock worth $298,785,000 after purchasing an additional 15,411,935 shares during the period. Bank of New York Mellon Corp raised its position in Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after purchasing an additional 13,483,136 shares during the last quarter. Boston Partners raised its position in Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after purchasing an additional 7,503,654 shares during the last quarter. Millennium Management LLC lifted its holdings in Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after buying an additional 6,678,814 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Permian Resources in the 1st quarter worth approximately $121,041,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.