Permian Resources (NYSE:PR) Director Sells $10,038,484.11 in Stock

Permian Resources Corporation (NYSE:PR) Director William Quinn sold 512,429 shares of the business’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the sale, the director owned 6,914,410 shares in the company, valued at $135,453,291.90. This trade represents a 6.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Permian Resources Trading Up 0.6%

Permian Resources stock opened at $20.08 on Friday. The firm has a 50 day simple moving average of $17.08 and a 200-day simple moving average of $14.77. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $16.66 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 4.02 and a beta of 0.66. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $20.41.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.28 by $0.09. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The firm’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 earnings per share. As a group, equities research analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a $0.16 dividend. 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 3.2%. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio (DPR) is presently 51.20%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PR shares. Raymond James Financial reaffirmed a “strong-buy” rating and set a $21.00 target price on shares of Permian Resources in a research note on Thursday, February 26th. Piper Sandler boosted their price target on shares of Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Citigroup upped their price target on shares of Permian Resources from $17.00 to $21.00 and gave the company a “buy” rating in a report on Friday, March 6th. Benchmark lowered shares of Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Finally, UBS Group boosted their target price on shares of Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.85.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Meiji Yasuda Asset Management Co Ltd. increased its stake in Permian Resources by 4.0% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock valued at $224,000 after acquiring an additional 607 shares during the period. Waterloo Capital L.P. lifted its position in shares of Permian Resources by 3.1% in the 4th quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock worth $305,000 after acquiring an additional 657 shares during the period. Kingswood Wealth Advisors LLC grew its holdings in shares of Permian Resources by 5.4% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company’s stock worth $192,000 after purchasing an additional 706 shares in the last quarter. Curated Wealth Partners LLC grew its holdings in shares of Permian Resources by 1.1% during the 4th quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock worth $991,000 after purchasing an additional 747 shares in the last quarter. Finally, Chilton Capital Management LLC increased its position in shares of Permian Resources by 3.5% during the third quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock valued at $303,000 after purchasing an additional 800 shares during the period. Institutional investors and hedge funds own 91.84% 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.