Insider Selling: Permian Resources (NYSE:PR) Director Sells 800,000 Shares of Stock

Permian Resources Corporation (NYSE:PR) Director William Quinn sold 800,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director owned 7,426,839 shares of the company’s stock, valued at $142,223,966.85. This trade represents a 9.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Permian Resources Stock Performance

Permian Resources stock traded down $0.27 during midday trading on Thursday, hitting $19.09. The stock had a trading volume of 13,605,969 shares, compared to its average volume of 12,691,538. The company has a market capitalization of $15.83 billion, a PE ratio of 15.27 and a beta of 0.66. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $19.64. The firm’s fifty day moving average is $16.39 and its two-hundred day moving average is $14.54. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping 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 business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the company posted $0.36 EPS. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, research analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.4%. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date is Tuesday, March 17th. Permian Resources’s dividend payout ratio (DPR) is presently 48.00%.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC boosted its holdings in shares of Permian Resources by 114.1% in the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after acquiring an additional 1,047 shares in the last quarter. SHP Wealth Management purchased a new stake in Permian Resources in the 4th quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Permian Resources by 154.4% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after purchasing an additional 1,391 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after buying an additional 1,357 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Permian Resources in the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

PR has been the topic of a number of recent research reports. Royal Bank Of Canada increased their price target on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, March 2nd. Morgan Stanley decreased their price objective on Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Susquehanna lowered their target price on shares of 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 increased their price objective on Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Weiss Ratings raised shares of Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $20.23.

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.