Permian Resources Corporation $PR Shares Sold by Nordea Investment Management AB

Nordea Investment Management AB lowered its position in Permian Resources Corporation (NYSE:PR) by 15.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 419,100 shares of the company’s stock after selling 79,452 shares during the period. Nordea Investment Management AB owned about 0.05% of Permian Resources worth $5,876,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PR. Farther Finance Advisors LLC increased its position in Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after purchasing an additional 1,047 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after buying an additional 3,224 shares during the period. Allworth Financial LP boosted its stake in shares of Permian Resources by 18.7% in the third quarter. Allworth Financial LP now owns 6,445 shares of the company’s stock valued at $82,000 after buying an additional 1,015 shares in the last quarter. Rakuten Securities Inc. boosted its stake in shares of Permian Resources by 237.6% in the second quarter. Rakuten Securities Inc. now owns 7,106 shares of the company’s stock valued at $97,000 after buying an additional 5,001 shares in the last quarter. Finally, Hilltop National Bank grew its holdings in Permian Resources by 27.4% during the fourth quarter. Hilltop National Bank now owns 7,009 shares of the company’s stock worth $98,000 after acquiring an additional 1,509 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Activity

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 shares were sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the completion of the transaction, the executive vice president owned 616,683 shares in the company, valued at approximately $8,405,389.29. The trade was a 21.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William J. Quinn sold 800,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the completion of the sale, the director directly owned 7,426,839 shares in the company, valued at $142,223,966.85. This trade represents a 9.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 5,340,522 shares of company stock worth $89,069,383 in the last three months. Company insiders own 6.44% of the company’s stock.

Permian Resources Stock Performance

Shares of PR stock opened at $21.45 on Friday. The stock has a fifty day moving average price of $17.59 and a 200 day moving average price of $14.95. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $17.93 billion, a PE ratio of 17.16, a P/E/G ratio of 3.49 and a beta of 0.66. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $21.69.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the company earned $0.36 earnings per share. Permian Resources’s revenue was down 9.8% compared to the same quarter last year. Sell-side analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio is currently 51.20%.

Wall Street Analyst Weigh In

Several research firms have issued reports on PR. Piper Sandler increased their price objective on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Mizuho upped their price target on shares of Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Bank of America reiterated a “neutral” rating and issued a $16.00 price target (down from $17.00) on shares of Permian Resources in a report on Friday, January 16th. Citigroup raised 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. Finally, Morgan Stanley decreased their price objective on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average target price of $21.07.

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.