Robert Regan Shannon Sells 5,104 Shares of Permian Resources (NYSE:PR) Stock

Permian Resources Corporation (NYSE:PR) EVP Robert Shannon sold 5,104 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,220.00. Following the sale, the executive vice president directly owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. This trade represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Permian Resources Stock Performance

Shares of NYSE PR traded down $0.10 during midday trading on Thursday, reaching $23.72. 5,837,416 shares of the stock were exchanged, compared to its average volume of 9,757,025. The firm has a market cap of $19.87 billion, a price-to-earnings ratio of 15.71 and a beta of 0.49. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $24.09. The firm has a 50-day simple moving average of $20.91 and a two-hundred day simple moving average of $20.16. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the firm posted $0.28 earnings per share. The firm’s quarterly revenue was up 55.1% compared to the same quarter last year. As a group, analysts anticipate that Permian Resources Corporation will post 2.24 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s payout ratio is presently 42.38%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PR shares. Evercore assumed coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price objective for the company. Wall Street Zen raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. UBS Group dropped their price target on shares of Permian Resources from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Friday, July 17th. Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a research note on Thursday, August 13th. Finally, Wells Fargo & Company raised Permian Resources to a “strong-buy” rating in a report on Wednesday. Six equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Permian Resources has a consensus rating of “Buy” and a consensus price target of $23.65.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in Permian Resources by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after buying an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after purchasing an additional 13,483,136 shares during the period. State Street Corp raised its stake in Permian Resources by 2.0% during the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after purchasing an additional 460,158 shares during the period. Wellington Management Group LLP increased its holdings in shares of Permian Resources by 3.9% during the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock worth $371,074,000 after buying an additional 763,059 shares during the last quarter. Finally, Boston Partners lifted its stake in shares of Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after purchasing an additional 7,503,654 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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.