Permian Resources Corporation $PR Stock Sold by Sterling Capital Management LLC

Sterling Capital Management LLC cut its holdings in shares of Permian Resources Corporation (NYSE:PR) by 78.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,634 shares of the company’s stock after selling 132,822 shares during the quarter. Sterling Capital Management LLC’s holdings in Permian Resources were worth $753,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PR. Wellington Management Group LLP raised its holdings in Permian Resources by 3.9% in the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after acquiring an additional 763,059 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Permian Resources by 63.1% during the 1st quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock valued at $132,824,000 after acquiring an additional 2,411,292 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Permian Resources during the 1st quarter valued at $121,041,000. First Trust Advisors LP grew its holdings in shares of Permian Resources by 66.6% during the 1st quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock worth $118,636,000 after purchasing an additional 2,224,560 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Permian Resources by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock worth $100,911,000 after purchasing an additional 85,509 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Guy M. Oliphint sold 5,103 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the completion of the sale, the executive vice president directly owned 537,400 shares in the company, valued at $12,763,250. This represents a 0.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the sale, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. This trade represents a 0.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 15,699 shares of company stock worth $372,851. Insiders own 5.00% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE:PR opened at $25.46 on Wednesday. The company’s 50 day simple moving average is $23.26 and its 200 day simple moving average is $20.15. The stock has a market capitalization of $21.33 billion, a price-to-earnings ratio of 16.86 and a beta of 0.66. Permian Resources Corporation has a 1 year low of $12.06 and a 1 year high of $25.96.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the company earned $0.28 earnings per share. The firm’s revenue for the quarter was up 55.1% on a year-over-year basis. As a group, analysts anticipate that Permian Resources Corporation will post 2.43 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were paid a $0.16 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $0.64 annualized dividend and a dividend yield of 2.5%. Permian Resources’s dividend payout ratio (DPR) is presently 42.38%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Susquehanna raised their price target on Permian Resources from $25.00 to $30.00 and gave the stock a “positive” rating in a research report on Tuesday, October 20th. Stifel Nicolaus started coverage on Permian Resources in a research note on Thursday, September 10th. They issued a “buy” rating and a $30.00 price target for the company. Mizuho raised shares of Permian Resources to a “strong-buy” rating in a research report on Friday, July 31st. Weiss Ratings raised shares of Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Finally, Zacks Research upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 6th. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $26.39.

Permian Resources Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.