Fifth Third Bancorp Sells 2,644 Shares of Permian Resources Corporation $PR

Fifth Third Bancorp cut its holdings in shares of Permian Resources Corporation (NYSE:PR) by 53.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,286 shares of the company’s stock after selling 2,644 shares during the quarter. Fifth Third Bancorp’s holdings in Permian Resources were worth $31,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Allworth Financial LP increased its holdings in shares of Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after purchasing an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC bought a new position in shares of Permian Resources during the first quarter worth approximately $30,000. Keystone Global Partners LLC bought a new position in shares of Permian Resources during the first quarter worth approximately $36,000. Brooklyn Investment Group increased its holdings in shares of Permian Resources by 433.9% during the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock worth $43,000 after purchasing an additional 2,534 shares during the period. Finally, Tsfg LLC bought a new position in shares of Permian Resources during the first quarter worth approximately $46,000. 91.84% of the stock is owned by institutional investors.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of the business’s 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 completion of the transaction, the executive vice president owned 91,805 shares in the company, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their position. The disclosure for this sale can be found here. 6.44% of the stock is owned by insiders.

Permian Resources Price Performance

Shares of NYSE:PR opened at $12.56 on Friday. The firm has a market cap of $10.05 billion, a PE ratio of 8.15 and a beta of 1.32. The firm’s fifty day moving average is $13.63 and its 200-day moving average is $13.30. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting analysts’ consensus estimates of $0.27. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. Permian Resources’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.39 earnings per share. Sell-side analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a $0.15 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.8%. Permian Resources’s payout ratio is presently 38.96%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Morgan Stanley raised their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. Susquehanna lifted their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a research note on Wednesday, July 23rd. William Blair assumed coverage on shares of Permian Resources in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Scotiabank assumed coverage on shares of Permian Resources in a research note on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 price objective on the stock. Finally, Wells Fargo & Company lifted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Permian Resources has a consensus rating of “Buy” and an average price target of $18.63.

About Permian Resources

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.