Midwest Professional Planners LTD. Reduces Stock Holdings in Permian Resources Corporation $PR

Midwest Professional Planners LTD. reduced its stake in shares of Permian Resources Corporation (NYSE:PR) by 57.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 30,701 shares of the company’s stock after selling 40,714 shares during the period. Midwest Professional Planners LTD.’s holdings in Permian Resources were worth $431,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in shares of Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after buying an additional 3,224 shares during the period. FNY Investment Advisers LLC purchased a new stake in Permian Resources during the 4th quarter worth approximately $60,000. Farther Finance Advisors LLC increased its holdings in Permian Resources by 126.1% during the 4th quarter. Farther Finance Advisors LLC now owns 4,442 shares of the company’s stock worth $62,000 after purchasing an additional 2,477 shares during the last quarter. LRI Investments LLC purchased a new stake in Permian Resources during the 4th quarter worth approximately $82,000. Finally, Allworth Financial LP grew its position in shares of Permian Resources by 18.7% in the 3rd quarter. Allworth Financial LP now owns 6,445 shares of the company’s stock worth $82,000 after acquiring an additional 1,015 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on PR. Truist Financial lifted their target price on Permian Resources from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Roth Mkm restated a “neutral” rating and set a $22.00 price objective (up from $20.00) on shares of Permian Resources in a research report on Wednesday, April 8th. Zacks Research upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 27th. Raymond James Financial restated a “strong-buy” rating and set a $21.00 price objective on shares of Permian Resources in a research report on Thursday, February 26th. Finally, Benchmark lowered Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. 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’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $22.38.

Insider Activity

In related news, EVP John Charles Bell sold 158,385 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the transaction, the executive vice president directly owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. The trade was a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 completion of the transaction, the chief executive officer owned 9,389,405 shares in the company, valued at $172,577,263.90. This trade represents a 8.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 3,130,066 shares of company stock valued at $58,837,655 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Permian Resources Stock Up 1.5%

PR opened at $21.24 on Wednesday. Permian Resources Corporation has a one year low of $11.92 and a one year high of $22.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The stock’s fifty day moving average is $20.44 and its 200-day moving average is $16.94. The company has a market capitalization of $17.79 billion, a PE ratio of 24.70 and a beta of 0.52.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.Permian Resources’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.44 earnings per share. On average, equities analysts predict that Permian Resources Corporation will post 1.98 EPS for the current fiscal year.

Permian Resources Announces Dividend

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

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.