Permian Resources (NYSE:PR) EVP Robert Regan Shannon Sells 5,104 Shares of Stock

Permian Resources Corporation (NYSE:PR) EVP Robert Shannon sold 5,104 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,220.00. Following the sale, the executive vice president directly owned 1,346,698 shares of the company’s stock, valued at $31,984,077.50. This represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Permian Resources Trading Down 0.4%

Shares of PR opened at $23.72 on Friday. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $24.09. The company has a 50-day moving average of $20.91 and a 200 day moving average of $20.16. The firm has a market capitalization of $19.87 billion, a price-to-earnings ratio of 15.71 and a beta of 0.49. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm’s quarterly revenue was up 55.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.28 EPS. On average, research analysts expect that Permian Resources Corporation will post 2.24 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.16 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.7%. Permian Resources’s payout ratio is presently 42.38%.

Institutional Trading of Permian Resources

A number of hedge funds have recently bought and sold shares of PR. Meiji Yasuda Asset Management Co Ltd. boosted its position in Permian Resources by 4.0% during the 4th 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 in the last quarter. Bessemer Group Inc. raised its position in shares of Permian Resources by 21.3% in the 1st quarter. Bessemer Group Inc. now owns 3,537 shares of the company’s stock worth $76,000 after acquiring an additional 621 shares in the last quarter. Waterloo Capital L.P. raised 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 in the last quarter. Dean Investment Associates LLC lifted its stake in shares of Permian Resources by 0.3% during the 4th quarter. Dean Investment Associates LLC now owns 265,615 shares of the company’s stock worth $3,727,000 after purchasing an additional 922 shares during the last quarter. Finally, Callahan Advisors LLC lifted its stake in shares of Permian Resources by 4.8% during the 4th quarter. Callahan Advisors LLC now owns 22,093 shares of the company’s stock worth $310,000 after purchasing an additional 1,004 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on PR. Wells Fargo & Company upgraded Permian Resources to a “strong-buy” rating in a report on Wednesday. Truist Financial increased their price target on Permian Resources from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Wall Street Zen upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Evercore began coverage on Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price objective for the company. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $29.00 price objective on shares of Permian Resources in a research note on Thursday, August 27th. Six research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $23.65.

Permian Resources Company Profile

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.