SCP Investment LP Sells 88,000 Shares of Permian Resources Corporation $PR

SCP Investment LP reduced its position in shares of Permian Resources Corporation (NYSE:PR) by 75.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 28,800 shares of the company’s stock after selling 88,000 shares during the period. SCP Investment LP’s holdings in Permian Resources were worth $392,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in shares of Permian Resources by 86.8% during the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock worth $326,380,000 after purchasing an additional 11,133,354 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Permian Resources by 19.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock worth $195,276,000 after buying an additional 2,286,363 shares during the period. Nuveen LLC acquired a new position in Permian Resources in the first quarter valued at approximately $175,525,000. American Century Companies Inc. lifted its stake in Permian Resources by 20.3% in the second quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock valued at $150,409,000 after buying an additional 1,863,632 shares during the period. Finally, Boston Partners bought a new position in shares of Permian Resources during the second quarter worth $134,119,000. Institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on PR. The Goldman Sachs Group lifted their target price on Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, November 14th. UBS Group boosted their price objective on Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Wells Fargo & Company dropped their target price on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a research report on Thursday, November 20th. Finally, Raymond James Financial cut their price objective on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Permian Resources has an average rating of “Moderate Buy” and a consensus price target of $18.80.

Insider Activity at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the sale, the executive vice president owned 91,805 shares of the company’s stock, valued at $1,305,467.10. This trade represents a 4.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the transaction, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.44% of the company’s stock.

Permian Resources Stock Performance

NYSE PR opened at $14.36 on Thursday. The firm has a market capitalization of $11.91 billion, a P/E ratio of 13.17 and a beta of 1.31. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. The firm’s fifty day moving average price is $13.00 and its two-hundred day moving average price is $13.47. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.03.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the firm earned $0.53 earnings per share. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, research analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Wednesday, December 17th. Permian Resources’s payout ratio is currently 55.05%.

About Permian Resources

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.