Permian Resources (NYSE:PR) Director William Quinn Sells 800,000 Shares of Stock

Permian Resources Corporation (NYSE:PR) Director William Quinn sold 800,000 shares of the stock in a transaction that occurred on 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 directly owned 7,426,839 shares of the company’s stock, valued at $142,223,966.85. This trade represents a 9.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Permian Resources Stock Down 0.0%

PR stock traded down $0.01 during mid-day trading on Friday, reaching $19.07. The company had a trading volume of 6,991,981 shares, compared to its average volume of 12,402,003. The company has a market capitalization of $15.81 billion, a price-to-earnings ratio of 15.26 and a beta of 0.66. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $19.64. The stock has a 50 day simple moving average of $16.39 and a two-hundred day simple moving average of $14.54. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78.

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

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a $0.16 dividend. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Tuesday, March 17th. Permian Resources’s dividend payout ratio is 48.00%.

Hedge Funds Weigh In On Permian Resources

A number of large investors have recently made changes to their positions in the company. Ruffer LLP acquired a new position in shares of Permian Resources during the 3rd quarter worth approximately $2,608,000. Massachusetts Financial Services Co. MA raised its position in Permian Resources by 8.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after purchasing an additional 1,421,059 shares in the last quarter. American Century Companies Inc. lifted its stake in Permian Resources by 20.3% during the second quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock worth $150,409,000 after purchasing an additional 1,863,632 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Permian Resources by 101.0% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock worth $6,920,000 after purchasing an additional 271,668 shares during the last quarter. Finally, Cresset Asset Management LLC boosted its holdings in shares of Permian Resources by 599.2% in the 2nd quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock valued at $2,377,000 after purchasing an additional 149,548 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PR. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $21.00 target price on shares of Permian Resources in a report on Thursday, February 26th. UBS Group lifted their price target on Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Royal Bank Of Canada boosted their price target on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, March 2nd. Wells Fargo & Company upped their price objective on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, January 27th. Finally, Mizuho lifted their target price on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Two investment 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.