Permian Resources Corporation $PR Shares Sold by Legal & General Group Plc

Legal & General Group Plc reduced its stake in Permian Resources Corporation (NYSE:PR) by 0.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,052,454 shares of the company’s stock after selling 6,705 shares during the period. Legal & General Group Plc’s holdings in Permian Resources were worth $14,334,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Nuveen LLC acquired a new stake in shares of Permian Resources during the first quarter worth $175,525,000. Bank of New York Mellon Corp lifted its stake in shares of Permian Resources by 86.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock worth $326,380,000 after acquiring an additional 11,133,354 shares during the period. Boston Partners purchased a new stake in Permian Resources in the 2nd quarter valued at approximately $134,119,000. Alyeska Investment Group L.P. boosted its stake in shares of Permian Resources by 300.3% in the first quarter. Alyeska Investment Group L.P. now owns 5,833,001 shares of the company’s stock valued at $80,787,000 after buying an additional 4,375,930 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of Permian Resources by 56.7% during the 1st quarter. Millennium Management LLC now owns 7,578,553 shares of the company’s stock worth $104,963,000 after purchasing an additional 2,743,272 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Up 1.0%

NYSE:PR opened at $14.51 on Friday. The stock has a market cap of $12.03 billion, a price-to-earnings ratio of 13.31 and a beta of 1.31. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.03. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. The business’s 50-day simple moving average is $13.04 and its 200 day simple moving average is $13.48.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the firm earned $0.53 earnings per share. Permian Resources’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, sell-side analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.60 annualized dividend and a yield of 4.1%. Permian Resources’s dividend payout ratio is currently 55.05%.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of research analyst reports. Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a research report on Thursday, November 20th. Scotiabank assumed coverage on Permian Resources in a report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price objective on the stock. Mizuho lowered their target price on shares of Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Wells Fargo & Company lowered their price target on Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a research report on Friday, October 17th. Finally, The Goldman Sachs Group increased their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.80.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the transaction, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. This represents a 4.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John Charles Bell sold 4,743 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the transaction, the executive vice president directly owned 107,569 shares of the company’s stock, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 6.44% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.