Bank of New York Mellon Corp Sells 12,292,741 Shares of Permian Resources Corporation $PR

Bank of New York Mellon Corp lessened its position in shares of Permian Resources Corporation (NYSE:PR) by 51.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,670,566 shares of the company’s stock after selling 12,292,741 shares during the period. Bank of New York Mellon Corp owned 1.46% of Permian Resources worth $149,383,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of PR. Farther Finance Advisors LLC grew its holdings in Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after acquiring an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after purchasing an additional 1,391 shares during the period. FNY Investment Advisers LLC bought a new stake in Permian Resources in the second quarter worth approximately $36,000. Parkside Financial Bank & Trust lifted its stake in Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after buying an additional 1,357 shares during the period. Finally, LRI Investments LLC bought a new position in shares of Permian Resources during the 2nd quarter worth approximately $54,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday. Zacks Research downgraded shares of Permian Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 20th. Bank of America reaffirmed a “neutral” rating and set a $16.00 price target (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Morgan Stanley reduced their price objective on Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Friday, January 23rd. Finally, UBS Group boosted their price objective on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and a consensus price target of $18.71.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $16.12 on Friday. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.25. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average price of $14.41 and a 200-day moving average price of $13.70. The company has a market cap of $13.37 billion, a PE ratio of 14.79 and a beta of 0.66.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) 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 company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the company posted $0.53 EPS. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. Equities analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Wednesday, December 17th. Permian Resources’s dividend payout ratio (DPR) is presently 55.05%.

Insider Buying and Selling at Permian Resources

In other news, EVP John Charles Bell sold 106,399 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,218.37. Following the transaction, the executive vice president owned 376,442 shares in the company, valued at $5,130,904.46. The trade was a 22.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William M. Hickey III sold 467,725 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $6,375,091.75. Following the completion of the transaction, the chief executive officer directly owned 1,010,136 shares of the company’s stock, valued at approximately $13,768,153.68. This represents a 31.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 2,210,456 shares of company stock valued at $30,231,728 in the last quarter. 6.44% of the stock is owned by company insiders.

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.