Brookstone Capital Management Sells 35,104 Shares of Permian Resources Corporation $PR

Brookstone Capital Management reduced its stake in Permian Resources Corporation (NYSE:PR) by 25.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 104,987 shares of the company’s stock after selling 35,104 shares during the period. Brookstone Capital Management’s holdings in Permian Resources were worth $2,238,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. SHP Wealth Management acquired a new position in shares of Permian Resources during the fourth quarter worth $27,000. Los Angeles Capital Management LLC acquired a new stake in Permian Resources in the fourth quarter valued at $39,000. State of Wyoming increased its holdings in Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares during the period. EverSource Wealth Advisors LLC raised its position in Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after purchasing an additional 3,224 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in Permian Resources during the 4th quarter worth $60,000. 91.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on PR. TD Cowen lifted their target price on Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. The Goldman Sachs Group increased their price target on Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. UBS Group raised their price objective on Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Piper Sandler lifted their price objective on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Finally, Roth Mkm set a $23.00 target price on Permian Resources and gave the company a “buy” rating in a report on Monday. Four research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $23.18.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.00% of the company’s stock.

Permian Resources Stock Down 2.6%

Shares of NYSE:PR opened at $18.68 on Thursday. The company has a market capitalization of $15.64 billion, a price-to-earnings ratio of 21.72 and a beta of 0.48. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The business’s 50-day moving average is $19.98 and its 200-day moving average is $18.00. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $22.67.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the company earned $0.44 EPS. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. Equities research analysts predict that Permian Resources Corporation will post 2 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Tuesday, June 16th. Permian Resources’s dividend payout ratio is presently 74.42%.

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.