QRG Capital Management Inc. Sells 34,020 Shares of Permian Resources Corporation $PR

QRG Capital Management Inc. cut its stake in Permian Resources Corporation (NYSE:PR) by 70.4% in the third quarter, Holdings Channel reports. The institutional investor owned 14,288 shares of the company’s stock after selling 34,020 shares during the period. QRG Capital Management Inc.’s holdings in Permian Resources were worth $183,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in shares of 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 period. Goldman Sachs Group Inc. boosted its stake in shares of Permian Resources by 18.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $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 grew its holdings in Permian Resources by 7.8% during 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 valued at $16,751,000 after purchasing an additional 87,105 shares during the last quarter. GAMMA Investing LLC grew its holdings in Permian Resources by 60.4% during the 2nd quarter. GAMMA Investing LLC now owns 10,685 shares of the company’s stock valued at $146,000 after purchasing an additional 4,023 shares during the last quarter. Finally, Kendall Capital Management raised its position in Permian Resources by 33.6% in the 2nd quarter. Kendall Capital Management now owns 18,005 shares of the company’s stock worth $245,000 after purchasing an additional 4,530 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Trading Up 1.1%

PR opened at $14.78 on Monday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The stock’s fifty day moving average is $14.24 and its two-hundred day moving average is $13.64. The company has a market capitalization of $12.25 billion, a P/E ratio of 13.56 and a beta of 0.66. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $15.69.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Permian Resources’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.53 earnings per share. Analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.1%. The ex-dividend date was Wednesday, December 17th. Permian Resources’s dividend payout ratio is presently 55.05%.

Analyst Upgrades and Downgrades

PR has been the subject of several recent analyst reports. The Goldman Sachs Group boosted their target price on Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Bank of America restated a “neutral” rating and set a $16.00 price objective (down previously from $17.00) on shares of Permian Resources in a report on Friday, January 16th. Zacks Research downgraded Permian Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a research note on Monday, December 29th. Finally, Mizuho lifted their target price on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.79.

Insider Activity at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 106,405 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the transaction, the executive vice president owned 360,667 shares of the company’s stock, valued at approximately $4,915,891.21. This trade represents a 22.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James H. Walter sold 467,700 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the completion of the sale, the chief executive officer directly owned 1,010,138 shares of the company’s stock, valued at $13,768,180.94. The trade was a 31.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 2,210,456 shares of company stock worth $30,231,728 over the last quarter. Corporate insiders own 12.80% 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.