Whittier Trust Co. Acquires 70,065 Shares of Permian Resources Corporation $PR

Whittier Trust Co. boosted its stake in shares of Permian Resources Corporation (NYSE:PR) by 13.1% in the first quarter, Holdings Channel reports. The institutional investor owned 606,927 shares of the company’s stock after purchasing an additional 70,065 shares during the period. Whittier Trust Co.’s holdings in Permian Resources were worth $12,824,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. QRG Capital Management Inc. grew its holdings in shares of Permian Resources by 28.3% during the first quarter. QRG Capital Management Inc. now owns 18,580 shares of the company’s stock valued at $396,000 after buying an additional 4,100 shares during the last quarter. HB Wealth Management LLC bought a new stake in shares of Permian Resources during the first quarter valued at approximately $446,000. Strs Ohio purchased a new position in Permian Resources in the 1st quarter worth approximately $10,338,000. Keybank National Association OH purchased a new position in Permian Resources in the 1st quarter worth approximately $30,728,000. Finally, Root Financial Partners LLC raised its holdings in Permian Resources by 195.4% in the 1st quarter. Root Financial Partners LLC now owns 4,505 shares of the company’s stock worth $96,000 after acquiring an additional 2,980 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Down 0.0%

Shares of PR stock opened at $18.20 on Monday. The company has a market capitalization of $15.23 billion, a price-to-earnings ratio of 21.16 and a beta of 0.46. Permian Resources Corporation has a one year low of $11.92 and a one year high of $22.67. The company’s fifty day moving average price is $19.76 and its 200-day moving average price is $18.18. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. Permian Resources’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.44 EPS. Sell-side analysts expect that Permian Resources Corporation will post 1.97 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s payout ratio is presently 74.42%.

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have commented on the company. BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Wells Fargo & Company set a $26.00 price target on Permian Resources in a research note on Monday, May 25th. Truist Financial upped their price target on Permian Resources from $24.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Citigroup increased their price objective on Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, March 31st. Finally, Piper Sandler lifted their price objective on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $23.53.

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.