Whittier Trust Co. of Nevada Inc. Grows Stock Holdings in Permian Resources Corporation $PR

Whittier Trust Co. of Nevada Inc. lifted its stake in Permian Resources Corporation (NYSE:PR) by 7,916.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 282,727 shares of the company’s stock after purchasing an additional 279,200 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Permian Resources were worth $3,560,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its stake in shares of Permian Resources by 86.8% in the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock worth $326,380,000 after acquiring an additional 11,133,354 shares in the last quarter. Boston Partners acquired a new position in Permian Resources during the 2nd quarter worth approximately $134,119,000. Holocene Advisors LP acquired a new stake in shares of Permian Resources in the 2nd quarter valued at $42,606,000. American Century Companies Inc. lifted its position in shares of Permian Resources by 20.3% during the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock worth $150,409,000 after purchasing an additional 1,863,632 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in Permian Resources by 62.6% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 3,788,871 shares of the company’s stock valued at $48,498,000 after buying an additional 1,458,315 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Up 1.1%

Shares of PR opened at $14.78 on Monday. The firm has a market capitalization of $12.25 billion, a price-to-earnings ratio of 13.56 and a beta of 0.66. The stock’s 50-day moving average price is $14.24 and its 200 day moving average price is $13.64. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $15.69. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22). The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.53 EPS. As a group, research analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.1%. The ex-dividend date was Wednesday, December 17th. Permian Resources’s dividend payout ratio is currently 55.05%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. UBS Group increased their price objective on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, December 12th. Royal Bank Of Canada boosted their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, October 9th. Mizuho raised their target price on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Permian Resources in a report on Monday, December 29th. Finally, Wells Fargo & Company reduced their price target on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a research report on Friday, October 17th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.79.

Insiders Place Their Bets

In related news, CEO William M. Hickey III sold 467,725 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the transaction, the chief executive officer owned 1,010,136 shares of the company’s stock, valued at $13,768,153.68. This trade represents a 31.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James H. Walter sold 467,700 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the transaction, the chief executive officer directly owned 1,010,138 shares in the company, valued at approximately $13,768,180.94. This represents a 31.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 2,210,456 shares of company stock worth $30,231,728 over the last three months. Insiders own 12.80% 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.