Permian Resources Corporation $PR Stock Holdings Reduced by Riverstone Holdings LLC

Riverstone Holdings LLC trimmed its position in shares of Permian Resources Corporation (NYSE:PR) by 96.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,263,978 shares of the company’s stock after selling 37,923,886 shares during the quarter. Permian Resources comprises 49.4% of Riverstone Holdings LLC’s holdings, making the stock its 2nd biggest holding. Riverstone Holdings LLC’s holdings in Permian Resources were worth $16,179,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PR. AQR Capital Management LLC lifted its position in shares of Permian Resources by 69.2% during the 1st 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. increased its holdings in Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $75,512,000 after acquiring an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Permian Resources by 7.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock worth $16,751,000 after acquiring an additional 87,105 shares during the last quarter. Bank of Montreal Can raised its stake in Permian Resources by 180.1% in the 2nd quarter. Bank of Montreal Can now owns 68,431 shares of the company’s stock valued at $932,000 after acquiring an additional 153,851 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in Permian Resources in the 2nd quarter valued at about $161,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PR has been the subject of a number of research reports. Zacks Research upgraded shares of Permian Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Morgan Stanley lowered their price target on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. Susquehanna dropped their price target on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a research note on Monday, January 26th. The Goldman Sachs Group raised their price objective on shares of Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Citigroup lifted their price objective on shares of Permian Resources from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and an average target price of $20.42.

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 172,904 shares of Permian Resources stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the completion of the sale, the executive vice president owned 616,683 shares of the company’s stock, valued at $8,405,389.29. The trade was a 21.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Charles Bell sold 158,385 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total value of $2,912,700.15. Following the completion of the transaction, the executive vice president owned 1,567,172 shares of the company’s stock, valued at $28,820,293.08. The trade was a 9.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 4,765,093 shares of company stock valued at $77,807,101 in the last three months. 6.44% of the stock is owned by corporate insiders.

Permian Resources Stock Up 1.4%

PR stock opened at $19.34 on Friday. The company’s 50 day moving average is $16.49 and its 200 day moving average is $14.58. The stock has a market cap of $16.04 billion, a price-to-earnings ratio of 15.47 and a beta of 0.66. 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 $10.01 and a 1-year high of $19.64.

Permian Resources (NYSE:PR) last announced 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. 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 during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the business posted $0.36 earnings per share. Permian Resources’s revenue for the quarter was down 9.8% on a year-over-year basis. Sell-side analysts predict that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s payout ratio is presently 48.00%.

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.