Comerica Bank Has $3.87 Million Stock Holdings in Permian Resources Corporation $PR

Comerica Bank trimmed its holdings in Permian Resources Corporation (NYSE:PR) by 80.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 276,009 shares of the company’s stock after selling 1,104,694 shares during the quarter. Comerica Bank’s holdings in Permian Resources were worth $3,872,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PR. AQR Capital Management LLC raised its holdings in shares of Permian Resources by 69.2% in the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after buying an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Permian Resources by 18.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after buying an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Permian Resources by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after buying an additional 87,105 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after buying an additional 3,224 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Permian Resources by 21.3% in the second quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock valued at $1,274,000 after buying an additional 16,443 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Up 2.1%

Shares of NYSE PR opened at $22.07 on Friday. The firm has a market capitalization of $18.45 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 1.25 and a beta of 0.52. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 1 year low of $11.64 and a 1 year high of $22.11. The firm’s 50-day moving average is $19.92 and its 200-day moving average is $16.27.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. The company 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 10.83%. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 EPS. Equities analysts expect that Permian Resources Corporation will post 1.92 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a $0.16 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $0.64 annualized dividend and a dividend yield of 2.9%. Permian Resources’s payout ratio is 51.20%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. KeyCorp assumed coverage on Permian Resources in a report on Tuesday, April 7th. They issued an “overweight” rating and a $25.00 price target for the company. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $21.00 price target on shares of Permian Resources in a report on Thursday, February 26th. Susquehanna cut their price target on Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a report on Monday, January 26th. UBS Group lifted their price target on Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Finally, Benchmark cut Permian Resources from a “buy” rating to a “hold” rating in a report on Thursday, March 5th. Four analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Permian Resources has an average rating of “Buy” and a consensus target price of $22.38.

Insider Buying and Selling

In other news, Director William J. Quinn sold 800,000 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $19.15, for a total value of $15,320,000.00. Following 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 Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Charles Bell sold 158,385 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.39, for a total value of $2,912,700.15. Following the completion of the sale, the executive vice president directly owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. This trade represents a 9.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 3,130,066 shares of company stock worth $58,837,655. 5.00% of the stock is currently 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.