JPMorgan Chase & Co. Sells 117,042 Shares of Permian Resources Corporation $PR

JPMorgan Chase & Co. trimmed its position in shares of Permian Resources Corporation (NYSE:PR) by 4.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 2,826,292 shares of the company’s stock after selling 117,042 shares during the period. JPMorgan Chase & Co.’s holdings in Permian Resources were worth $36,177,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PR. Leeward Investments LLC MA grew its position in shares of Permian Resources by 4.1% in the 3rd quarter. Leeward Investments LLC MA now owns 2,050,070 shares of the company’s stock valued at $26,241,000 after acquiring an additional 81,365 shares during the period. Tiff Advisory Services LLC grew its holdings in Permian Resources by 22.6% during the third quarter. Tiff Advisory Services LLC now owns 1,455,567 shares of the company’s stock worth $18,631,000 after purchasing an additional 268,239 shares during the period. Caprock Group LLC acquired a new position in Permian Resources during the third quarter worth approximately $156,000. Rhumbline Advisers raised its stake in Permian Resources by 1.7% in the third quarter. Rhumbline Advisers now owns 1,668,266 shares of the company’s stock valued at $21,354,000 after buying an additional 27,421 shares during the period. Finally, MQS Management LLC acquired a new stake in shares of Permian Resources in the third quarter valued at approximately $135,000. 91.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Raymond James Financial reissued a “strong-buy” rating and set a $21.00 target price on shares of Permian Resources in a report on Thursday. Piper Sandler reduced their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, November 18th. Wall Street Zen raised shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a research note on Monday, February 9th. Finally, Zacks Research raised shares of Permian Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.64.

Permian Resources Stock Up 0.9%

PR opened at $18.28 on Friday. The stock has a fifty day moving average of $15.52 and a 200-day moving average of $14.20. The company has a market capitalization of $15.16 billion, a P/E ratio of 14.62 and a beta of 0.77. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $18.58. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.97%. Permian Resources’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period last year, the firm earned $0.36 earnings per share. On average, equities analysts expect that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.5%. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date is Tuesday, March 17th. Permian Resources’s dividend payout ratio is presently 51.20%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 106,405 shares of the firm’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the transaction, the executive vice president owned 360,667 shares in the company, valued at $4,915,891.21. This trade represents a 22.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James H. Walter sold 467,700 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $6,374,751.00. Following the completion of the transaction, the chief executive officer directly owned 1,010,138 shares of the company’s stock, valued at $13,768,180.94. This represents a 31.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 2,210,456 shares of company stock valued at $30,231,728 over the last ninety days. 6.44% of the stock is owned by corporate insiders.

Permian Resources Company 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.