Bank of New York Mellon Corp Sells 9,913,664 Shares of Permian Resources Corporation $PR

Bank of New York Mellon Corp cut its position in shares of Permian Resources Corporation (NYSE:PR) by 39.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,240,038 shares of the company’s stock after selling 9,913,664 shares during the period. Bank of New York Mellon Corp’s holdings in Permian Resources were worth $324,918,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Permian Resources by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock valued at $1,057,930,000 after purchasing an additional 3,941,318 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Permian Resources by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after purchasing an additional 4,533,732 shares in the last quarter. State Street Corp raised its holdings in Permian Resources by 2.0% in the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after purchasing an additional 460,158 shares in the last quarter. Boston Partners lifted its position in shares of Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after buying an additional 7,503,654 shares during the last quarter. Finally, Nuveen LLC lifted its position in shares of Permian Resources by 12.7% during the fourth quarter. Nuveen LLC now owns 16,386,918 shares of the company’s stock valued at $229,908,000 after buying an additional 1,850,071 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction 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 transaction, the executive vice president owned 542,503 shares in the company, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.00% of the stock is currently owned by insiders.

Permian Resources Price Performance

PR stock opened at $20.20 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $16.91 billion, a P/E ratio of 23.49 and a beta of 0.46. The business has a 50 day simple moving average of $19.44 and a 200-day simple moving average of $18.53. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $22.67.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. Permian Resources’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.44 EPS. As a group, equities analysts anticipate that Permian Resources Corporation will post 1.93 EPS for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. Permian Resources’s dividend payout ratio is presently 74.42%.

Wall Street Analysts Forecast Growth

PR has been the topic of several analyst reports. Weiss Ratings downgraded Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday. Zacks Research downgraded Permian Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. UBS Group cut their price objective on Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Friday. KeyCorp initiated coverage on Permian Resources in a research note on Tuesday, April 7th. They set an “overweight” rating and a $25.00 target price on the stock. Finally, Mizuho upped their price objective on Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $23.29.

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.