Permian Resources (NYSE:PR) Director Sells $15,320,000.00 in Stock

Permian Resources Corporation (NYSE:PR) Director William Quinn sold 800,000 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total value of $15,320,000.00. Following the completion of the transaction, the director owned 7,426,839 shares of the company’s stock, valued at approximately $142,223,966.85. This trade represents a 9.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Permian Resources Stock Performance

NYSE PR opened at $19.34 on Friday. The business’s 50 day moving average price is $16.49 and its 200-day moving average price is $14.58. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $19.64. The company has a market cap of $16.04 billion, a P/E ratio of 15.47 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the firm earned $0.36 earnings per share. Permian Resources’s quarterly revenue was down 9.8% compared to the same quarter last year. Sell-side analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The company 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 dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio is presently 48.00%.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. SHP Wealth Management purchased a new stake in Permian Resources in the fourth quarter worth about $27,000. Farther Finance Advisors LLC increased its position in Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after purchasing an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Permian Resources by 154.4% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after purchasing an additional 1,391 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Permian Resources in the 4th quarter worth approximately $39,000. Finally, Parkside Financial Bank & Trust lifted its position in shares of Permian Resources by 90.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after purchasing an additional 1,357 shares during the period. 91.84% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of recent analyst reports. Citigroup increased their price objective on shares of Permian Resources from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Mizuho upped their target price on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Royal Bank Of Canada increased their price target on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday, March 2nd. Piper Sandler boosted their price objective on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday. Finally, The Goldman Sachs Group upped their price objective on Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.42.

About Permian Resources

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.