Truist Financial Corp Trims Holdings in Permian Resources Corporation $PR

Truist Financial Corp decreased its holdings in Permian Resources Corporation (NYSE:PR) by 83.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,831 shares of the company’s stock after selling 154,311 shares during the period. Truist Financial Corp’s holdings in Permian Resources were worth $433,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. SevenBridge Financial Group LLC increased its stake in shares of Permian Resources by 7.9% during the fourth quarter. SevenBridge Financial Group LLC now owns 284,709 shares of the company’s stock valued at $4,202,000 after buying an additional 20,771 shares during the period. Horizon Investments LLC grew its stake in Permian Resources by 80.8% in the fourth quarter. Horizon Investments LLC now owns 420,448 shares of the company’s stock valued at $5,899,000 after purchasing an additional 187,903 shares during the last quarter. Jennison Associates LLC boosted its holdings in Permian Resources by 2.8% in the fourth quarter. Jennison Associates LLC now owns 3,818,742 shares of the company’s stock worth $53,577,000 after acquiring an additional 105,396 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in Permian Resources by 24.9% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 209,687 shares of the company’s stock worth $2,942,000 after acquiring an additional 41,818 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC boosted its holdings in Permian Resources by 45.2% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 35,483 shares of the company’s stock worth $498,000 after acquiring an additional 11,043 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 1.5%

Shares of NYSE:PR opened at $21.24 on Wednesday. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67. The business has a fifty day moving average of $20.44 and a two-hundred day moving average of $16.94. The stock has a market cap of $17.79 billion, a P/E ratio of 24.70 and a beta of 0.52. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the company posted $0.44 EPS. The company’s quarterly revenue was up .9% on a year-over-year basis. On average, research analysts expect that Permian Resources Corporation will post 1.98 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources’s dividend payout ratio is 74.42%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wells Fargo & Company lifted their target price on Permian Resources from $21.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, April 10th. Zacks Research upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 27th. Susquehanna reduced their target price on Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research note on Monday, January 26th. The Goldman Sachs Group upped their target price on Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Finally, Scotiabank boosted their price target on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Four analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $22.38.

Insider Activity

In related news, CEO William M. Hickey III sold 898,423 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $16,513,014.74. Following the transaction, the chief executive officer owned 9,389,405 shares of the company’s stock, valued at approximately $172,577,263.90. This represents a 8.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James H. Walter sold 673,425 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $12,377,551.50. Following the transaction, the chief executive officer directly owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. The trade was a 6.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,130,066 shares of company stock worth $58,837,655 in the last quarter. Insiders own 5.00% 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.