Riverstone Holdings LLC Reduces Stake in Permian Resources Corporation $PR

Riverstone Holdings LLC reduced its holdings in Permian Resources Corporation (NYSE:PR) by 21.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 988,915 shares of the company’s stock after selling 275,063 shares during the period. Permian Resources accounts for approximately 40.7% of Riverstone Holdings LLC’s portfolio, making the stock its 2nd largest position. Riverstone Holdings LLC’s holdings in Permian Resources were worth $13,874,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its position in shares of Permian Resources by 69.2% during the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after purchasing an additional 61,230 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Permian Resources by 18.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after purchasing an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Permian Resources by 7.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after purchasing an additional 87,105 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after purchasing an additional 3,224 shares during the period. Finally, Marshall Wace LLP increased its position in shares of Permian Resources by 21.3% during the second quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock valued at $1,274,000 after purchasing an additional 16,443 shares during the period. 91.84% of the stock is owned by institutional investors.

Permian Resources Price Performance

Shares of PR stock opened at $18.67 on Wednesday. The stock’s fifty day moving average is $20.22 and its 200-day moving average is $17.83. 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 has a market capitalization of $15.64 billion, a PE ratio of 21.71 and a beta of 0.48. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.44 earnings per share. Equities research analysts expect that Permian Resources Corporation will post 2.01 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources’s dividend payout ratio is 74.42%.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PR. Weiss Ratings cut Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 12th. Scotiabank boosted their price target on Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 22nd. BMO Capital Markets raised Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Mizuho boosted their price target on Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $21.00 price target on shares of Permian Resources in a research note on Thursday, February 26th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $22.69.

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.