Bank of New York Mellon Corp Sells 9,913,664 Shares of Permian Resources Corporation $PR

Bank of New York Mellon Corp cut its position in shares of Permian Resources Corporation (NYSE:PR) by 39.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,240,038 shares of the company’s stock after selling 9,913,664 shares during the period. Bank of New York Mellon Corp owned about 1.82% of Permian Resources worth $324,918,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. SHP Wealth Management acquired a new position in Permian Resources during the 4th quarter worth about $27,000. SJS Investment Consulting Inc. boosted its stake in Permian Resources by 1,862.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after acquiring an additional 1,341 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Permian Resources during the fourth quarter valued at approximately $39,000. State of Wyoming grew its holdings in Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares during the period. Finally, Cedar Mountain Advisors LLC bought a new stake in Permian Resources in the first quarter valued at approximately $48,000. 91.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on PR. KeyCorp started coverage on Permian Resources in a research report on Tuesday, April 7th. They issued an “overweight” rating and a $25.00 price target on the stock. Mizuho upped their target price on Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. BMO Capital Markets raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. Weiss Ratings lowered Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday. Finally, Zacks Research downgraded shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $23.29.

Permian Resources Stock Up 2.4%

Shares of NYSE PR opened at $20.20 on Friday. The firm’s fifty day moving average is $19.44 and its 200 day moving average is $18.53. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market cap of $16.91 billion, a price-to-earnings ratio of 23.49 and a beta of 0.46.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.44 earnings per share. On average, equities research analysts expect that Permian Resources Corporation will post 1.93 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a $0.16 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.2%. Permian Resources’s dividend payout ratio (DPR) is 74.42%.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.00% of the stock is currently owned by corporate insiders.

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.