Aventail Capital Group LP Sells 1,200,113 Shares of Permian Resources Corporation $PR

Aventail Capital Group LP lowered its stake in shares of Permian Resources Corporation (NYSE:PR) by 60.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 800,076 shares of the company’s stock after selling 1,200,113 shares during the period. Aventail Capital Group LP’s holdings in Permian Resources were worth $10,241,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC increased its holdings in shares of Permian Resources by 114.1% in the 3rd 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 during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of 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 during the last quarter. EverSource Wealth Advisors LLC lifted its stake 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 worth $57,000 after purchasing an additional 3,224 shares during the last quarter. Allworth Financial LP boosted its position in Permian Resources by 162.4% during the second quarter. Allworth Financial LP now owns 5,430 shares of the company’s stock valued at $74,000 after purchasing an additional 3,361 shares in the last quarter. Finally, Rakuten Securities Inc. boosted its position in Permian Resources by 237.6% during the second quarter. Rakuten Securities Inc. now owns 7,106 shares of the company’s stock valued at $97,000 after purchasing an additional 5,001 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wells Fargo & Company boosted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, January 27th. UBS Group raised their price target on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Citigroup lifted their price objective on shares of Permian Resources from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Zacks Research upgraded shares of Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Finally, Piper Sandler increased their target price on shares of Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.42.

Permian Resources Trading Up 1.4%

Permian Resources stock opened at $19.34 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $16.04 billion, a PE ratio of 15.47 and a beta of 0.66. The stock has a 50-day moving average of $16.49 and a two-hundred day moving average of $14.58. Permian Resources Corporation has a one year low of $10.01 and a one year high of $19.64.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the firm earned $0.36 earnings per share. The company’s revenue was down 9.8% on a year-over-year basis. On average, research analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current fiscal 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 paid a $0.16 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a yield of 3.3%. Permian Resources’s dividend payout ratio (DPR) is 48.00%.

Insider Activity at Permian Resources

In other news, Director William J. Quinn sold 800,000 shares of Permian Resources stock in a transaction 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 completion of the sale, the director directly owned 7,426,839 shares in the company, valued at approximately $142,223,966.85. The trade was a 9.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John Charles Bell sold 158,385 shares of Permian Resources 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 sale, the executive vice president owned 1,567,172 shares of the company’s stock, valued at $28,820,293.08. The trade was a 9.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,765,093 shares of company stock worth $77,807,101 in the last 90 days. 6.44% of the stock is owned by insiders.

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.