Permian Resources (NYSE:PR) Director William Quinn Sells 512,429 Shares

Permian Resources Corporation (NYSE:PR) Director William Quinn sold 512,429 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total value of $10,038,484.11. Following the transaction, the director owned 6,914,410 shares in the company, valued at $135,453,291.90. This trade represents a 6.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Permian Resources Price Performance

NYSE PR traded up $0.35 on Thursday, hitting $19.96. The company had a trading volume of 15,093,045 shares, compared to its average volume of 12,584,889. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The company’s fifty day moving average price is $16.84 and its 200-day moving average price is $14.69. The company has a market capitalization of $16.55 billion, a PE ratio of 15.97, a PEG ratio of 3.90 and a beta of 0.66. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $20.17.

Permian Resources (NYSE:PR) last posted its quarterly earnings data 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. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the firm posted $0.36 earnings per share. The company’s revenue was down 9.8% compared to the same quarter last year. As a group, analysts predict that Permian Resources Corporation will post 1.45 earnings per share 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. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio is 51.20%.

Analysts Set New Price Targets

A number of brokerages have commented on PR. Benchmark cut Permian Resources from a “buy” rating to a “hold” rating in a report on Thursday, March 5th. Piper Sandler boosted their price target on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Royal Bank Of Canada increased their price objective on Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. Wells Fargo & Company raised their price objective on Permian Resources from $17.00 to $21.00 and gave the company an “overweight” rating in a report on Monday. Finally, TD Cowen lifted their target price on shares of Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.85.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC lifted its holdings in 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 acquiring an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. raised its position in 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 purchasing an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in 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 purchasing an additional 87,105 shares during the period. ProShare Advisors LLC lifted its stake in shares of Permian Resources by 3.8% in the 2nd quarter. ProShare Advisors LLC now owns 28,278 shares of the company’s stock valued at $385,000 after purchasing an additional 1,025 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Permian Resources by 162.4% in the 2nd quarter. Allworth Financial LP now owns 5,430 shares of the company’s stock valued at $74,000 after purchasing an additional 3,361 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.