Insider Selling: Permian Resources (NYSE:PR) EVP Sells $1,282,998.36 in Stock

by · The Cerbat Gem

Permian Resources Corporation (NYSE:PR – Get Free Report) EVP Guy Oliphint sold 62,769 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Permian Resources Trading Up 0.1%

NYSE PR opened at $20.45 on Friday. The company has a market cap of $17.12 billion, a price-to-earnings ratio of 23.78 and a beta of 0.52. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. The business has a 50 day moving average price of $20.53 and a 200-day moving average price of $17.07. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating 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%.Permian Resources’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.44 earnings per share. As a group, equities analysts expect that Permian Resources Corporation will post 1.97 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.1%. Permian Resources’s payout ratio is presently 74.42%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PR. Bank of New York Mellon Corp boosted its position in Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares during the last quarter. Boston Partners boosted its position in Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after purchasing an additional 7,503,654 shares during the last quarter. Vanguard Group Inc. boosted its position in Permian Resources by 10.4% in the third quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock worth $914,733,000 after purchasing an additional 6,705,644 shares during the last quarter. Millennium Management LLC boosted its position in Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after purchasing an additional 6,678,814 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Permian Resources in the first quarter worth $121,041,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PR shares. UBS Group lifted their target price on Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Citigroup lifted their target price on Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, March 31st. Roth Mkm reaffirmed a “neutral” rating and set a $22.00 target price (up from $20.00) on shares of Permian Resources in a research report on Wednesday, April 8th. BMO Capital Markets raised Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 7th. Finally, TD Cowen lifted their target price on Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 17th. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $22.38.

Get Our Latest Research Report on Permian Resources

About Permian Resources

(Get Free Report)

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.

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