Permian Resources (NYSE:PR) EVP Robert Regan Shannon Sells 5,104 Shares

Permian Resources Corporation (NYSE:PR) EVP Robert Shannon sold 5,104 shares of the firm’s stock in a transaction 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 owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. This trade represents a 0.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Permian Resources Trading Down 0.4%

Permian Resources stock traded down $0.10 during mid-day trading on Thursday, hitting $23.72. The company’s stock had a trading volume of 5,837,416 shares, compared to its average volume of 9,757,025. The stock has a market cap of $19.87 billion, a price-to-earnings ratio of 15.71 and a beta of 0.49. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The business has a 50 day moving average price of $20.91 and a 200-day moving average price of $20.16. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $24.09.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the company earned $0.28 earnings per share. The firm’s revenue for the quarter was up 55.1% on a year-over-year basis. As a group, analysts forecast that Permian Resources Corporation will post 2.24 EPS for the current year.

Permian Resources Dividend Announcement

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

Hedge Funds Weigh In On Permian Resources

A number of large investors have recently made changes to their positions in PR. SHP Wealth Management acquired a new position in shares of Permian Resources during the fourth quarter valued at about $27,000. SJS Investment Consulting Inc. raised its stake in Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after acquiring an additional 1,341 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Permian Resources during the 4th quarter worth about $39,000. State of Wyoming increased its holdings in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares during the period. Finally, Cedar Mountain Advisors LLC purchased a new position in shares of Permian Resources in the first quarter worth about $48,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PR has been the subject of several recent analyst reports. Raymond James Financial restated a “strong-buy” rating and issued a $29.00 price target on shares of Permian Resources in a research note on Thursday, August 27th. Truist Financial raised their price target on shares of Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a report on Monday, August 10th. Evercore began coverage on Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price objective for the company. UBS Group decreased their price target on shares of Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday, July 17th. Finally, Seaport Research Partners assumed coverage on Permian Resources in a research note on Thursday. They set a “buy” rating and a $29.00 price target for the company. Six equities research 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $23.65.

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.