Russell Investments Group Ltd. Sells 94,598 Shares of Permian Resources Corporation $PR

Russell Investments Group Ltd. decreased its stake in shares of Permian Resources Corporation (NYSE:PR) by 3.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,477,455 shares of the company’s stock after selling 94,598 shares during the quarter. Russell Investments Group Ltd.’s holdings in Permian Resources were worth $32,172,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Chilton Capital Management LLC grew its stake in shares of Permian Resources by 3.5% in the third quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock worth $303,000 after acquiring an additional 800 shares during the last quarter. SCS Capital Management LLC raised its position in shares of Permian Resources by 0.6% in the 2nd quarter. SCS Capital Management LLC now owns 141,205 shares of the company’s stock worth $1,923,000 after purchasing an additional 870 shares during the last quarter. Inscription Capital LLC boosted its stake in Permian Resources by 3.5% in the 3rd quarter. Inscription Capital LLC now owns 28,219 shares of the company’s stock worth $361,000 after purchasing an additional 948 shares in the last quarter. Rothschild Investment LLC boosted its stake in Permian Resources by 7.1% in the 3rd quarter. Rothschild Investment LLC now owns 14,651 shares of the company’s stock worth $188,000 after purchasing an additional 974 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in Permian Resources by 3.8% during the 2nd quarter. ProShare Advisors LLC now owns 28,278 shares of the company’s stock valued at $385,000 after purchasing an additional 1,025 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on PR. Royal Bank Of Canada raised their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Benchmark downgraded shares of Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a report on Monday, February 9th. Finally, The Goldman Sachs Group upped their price objective on Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and a consensus target price of $20.42.

Insider Buying and Selling

In related news, EVP Guy M. Oliphint sold 172,904 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 $2,356,681.52. Following the transaction, the executive vice president directly owned 616,683 shares in the company, valued at approximately $8,405,389.29. The trade was a 21.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William M. Hickey III sold 898,423 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $16,513,014.74. Following the sale, the chief executive officer directly owned 9,389,405 shares of the company’s stock, valued at $172,577,263.90. This represents a 8.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 4,765,093 shares of company stock worth $77,807,101 in the last quarter. Company insiders own 6.44% of the company’s stock.

Permian Resources Stock Performance

PR opened at $19.09 on Friday. The company’s 50 day moving average is $16.39 and its 200 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. The company has a market cap of $15.83 billion, a price-to-earnings ratio of 15.27 and a beta of 0.66. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $19.64.

Permian Resources (NYSE:PR) last released 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. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The company’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period last year, the firm earned $0.36 earnings per share. On average, equities research analysts predict that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a yield of 3.4%. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s payout ratio is 48.00%.

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.