Permian Resources Corporation $PR Stock Holdings Cut by SIR Capital Management L.P.

SIR Capital Management L.P. decreased its holdings in shares of Permian Resources Corporation (NYSE:PR) by 46.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,639,388 shares of the company’s stock after selling 2,269,432 shares during the quarter. Permian Resources comprises about 4.1% of SIR Capital Management L.P.’s investment portfolio, making the stock its 3rd largest position. SIR Capital Management L.P. owned about 0.32% of Permian Resources worth $37,031,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Los Angeles Capital Management LLC purchased a new stake in Permian Resources during the fourth quarter valued at $39,000. State of Wyoming raised its stake in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after acquiring an additional 1,640 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after acquiring an additional 3,224 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Permian Resources in the fourth quarter valued at $60,000. Finally, Farther Finance Advisors LLC raised its stake in shares of Permian Resources by 126.1% in the fourth quarter. Farther Finance Advisors LLC now owns 4,442 shares of the company’s stock valued at $62,000 after acquiring an additional 2,477 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William J. Quinn sold 512,429 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the completion of the sale, the director owned 6,914,410 shares in the company, valued at $135,453,291.90. This represents a 6.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 588,198 shares of company stock worth $11,576,280. Corporate insiders own 5.00% of the company’s stock.

Analyst Ratings Changes

PR has been the topic of several recent analyst reports. Piper Sandler increased their target price on shares of Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a research note on Monday, May 25th. Weiss Ratings downgraded shares of Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, May 12th. Citigroup increased their target price on shares of Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, March 31st. Finally, TD Cowen increased their target price on shares of Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.69.

Permian Resources Stock Up 1.1%

Shares of Permian Resources stock opened at $19.48 on Friday. 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 Corporation has a 1 year low of $11.92 and a 1 year high of $22.67. The firm’s 50-day moving average is $20.32 and its two-hundred day moving average is $17.74. The stock has a market cap of $16.31 billion, a price-to-earnings ratio of 22.65 and a beta of 0.48.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the business earned $0.44 EPS. The firm’s quarterly revenue was up .9% on a year-over-year basis. As a group, research analysts expect that Permian Resources Corporation will post 2.01 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is currently 74.42%.

Permian Resources Company Profile

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.