Insider Selling: Permian Resources (NYSE:PR) EVP Sells $121,196.25 in Stock

Permian Resources Corporation (NYSE:PR) EVP Guy Oliphint sold 5,103 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 transaction of $121,196.25. Following the completion of the sale, the executive vice president owned 537,400 shares of the company’s stock, valued at $12,763,250. This trade represents a 0.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Permian Resources Stock Down 1.5%

PR stock opened at $23.38 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The company’s 50-day moving average price is $21.00 and its 200 day moving average price is $20.18. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $24.09. The company has a market cap of $19.58 billion, a P/E ratio of 15.48 and a beta of 0.49.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the company posted $0.28 earnings per share. The firm’s quarterly revenue was up 55.1% compared to the same quarter last year. On average, research analysts expect that Permian Resources Corporation will post 2.27 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.16 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.7%. Permian Resources’s dividend payout ratio is currently 42.38%.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently bought and sold shares of PR. Dimensional Fund Advisors LP increased its position in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after buying an additional 4,533,732 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after acquiring an additional 13,483,136 shares during the last quarter. State Street Corp increased its position in Permian Resources by 2.0% during the 4th quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after purchasing an additional 460,158 shares in the last quarter. Wellington Management Group LLP increased its position in Permian Resources by 3.9% during the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock worth $371,074,000 after purchasing an additional 763,059 shares in the last quarter. Finally, Boston Partners raised its stake in Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after purchasing an additional 7,503,654 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Wall Street Zen upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Seaport Research Partners began coverage on Permian Resources in a research report on Thursday. They issued a “buy” rating and a $29.00 price target for the company. Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a research report on Wednesday, August 19th. Evercore started coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price objective on the stock. Finally, Roth Capital set a $23.00 target price on shares of Permian Resources and gave the company a “buy” rating in a report on Monday, June 22nd. Six equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $23.65.

More Permian Resources News

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Strong quarterly results: Permian Resources reported adjusted earnings of $0.69 per share, exceeding the $0.59 analyst consensus, while revenue of $1.86 billion surpassed the $1.66 billion estimate and increased 55.1% year over year. The results reinforced the company’s growth outlook and helped drive the post-earnings rally. Permian Resources post-earnings performance
• Positive Sentiment: Analyst upgrade: Wells Fargo raised Permian Resources to “strong buy,” adding to an already favorable consensus rating of “Buy.” Six analysts rate the stock a strong buy and 12 rate it a buy, supporting investor confidence.
• Positive Sentiment: Dividend support: The company declared a quarterly dividend of $0.16 per share, equivalent to a $0.64 annualized payout and an approximately 2.7% yield. Its 42.38% payout ratio indicates the dividend is supported by current earnings.
• Neutral Sentiment: Insider sales were limited and tax-related: Three executive vice presidents sold shares worth roughly $121,000 to $130,000 each. The transactions represented less than 1% of each executive’s holdings and were made to cover tax withholding on vested equity awards, reducing their significance as a bearish signal. Permian Resources insider transactions

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.