Empirical Finance LLC Sells 42,225 Shares of Permian Resources Corporation $PR

Empirical Finance LLC trimmed its position in Permian Resources Corporation (NYSE:PR) by 53.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,644 shares of the company’s stock after selling 42,225 shares during the quarter. Empirical Finance LLC’s holdings in Permian Resources were worth $675,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of PR. Dimensional Fund Advisors LP boosted its position in shares of Permian Resources by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after acquiring an additional 4,533,732 shares during the period. Bank of New York Mellon Corp increased its position 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 purchasing an additional 13,483,136 shares during the period. State Street Corp increased its position in shares of Permian Resources by 2.0% during the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock valued at $330,454,000 after purchasing an additional 460,158 shares during the period. Wellington Management Group LLP lifted its position in Permian Resources by 3.9% in the second 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 during the period. Finally, Boston Partners boosted its stake in Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after buying an additional 7,503,654 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Zacks Research cut Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Citigroup decreased their price target on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Roth Capital set a $23.00 price target on Permian Resources and gave the company a “buy” rating in a research report on Monday, June 22nd. Evercore assumed coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 target price on the stock. Finally, Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a research report on Thursday, August 13th. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $24.00.

Insider Buying and Selling at Permian Resources

In other news, EVP Robert Shannon sold 5,104 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the sale, the executive vice president directly owned 1,346,698 shares of the company’s stock, valued at $31,984,077.50. This represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the sale, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at approximately $37,089,900. This represents a 0.35% decrease in their position. 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 90 days, insiders sold 15,699 shares of company stock worth $372,851. 5.00% of the stock is currently owned by corporate insiders.

Permian Resources Price Performance

Permian Resources stock opened at $23.73 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a market cap of $19.88 billion, a P/E ratio of 15.72 and a beta of 0.49. The business’s fifty day moving average is $21.43 and its two-hundred day moving average is $20.37. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $24.20.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the prior year, the business earned $0.28 earnings per share. The business’s revenue for the quarter was up 55.1% on a year-over-year basis. Equities research analysts forecast that Permian Resources Corporation will post 2.27 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is presently 42.38%.

Permian Resources Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.