Sumitomo Mitsui Trust Group Inc. Sells 14,776 Shares of Permian Resources Corporation $PR

Sumitomo Mitsui Trust Group Inc. reduced its stake in Permian Resources Corporation (NYSE:PR) by 26.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,124 shares of the company’s stock after selling 14,776 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Permian Resources were worth $546,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in PR. Janney Montgomery Scott LLC raised its stake in shares of Permian Resources by 12.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company’s stock valued at $444,000 after purchasing an additional 3,547 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Permian Resources by 27.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company’s stock worth $425,000 after buying an additional 6,600 shares in the last quarter. New York State Teachers Retirement System raised its position in Permian Resources by 1.1% in the 1st quarter. New York State Teachers Retirement System now owns 272,980 shares of the company’s stock valued at $3,781,000 after buying an additional 3,075 shares during the last quarter. Vontobel Holding Ltd. bought a new stake in Permian Resources in the 1st quarter valued at approximately $174,000. Finally, Teacher Retirement System of Texas lifted its stake in Permian Resources by 7.7% in the 1st quarter. Teacher Retirement System of Texas now owns 185,699 shares of the company’s stock valued at $2,572,000 after acquiring an additional 13,318 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of recent research reports. Morgan Stanley lifted their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Wells Fargo & Company cut their price target on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. UBS Group raised their price objective on Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Wall Street Zen lowered Permian Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, Susquehanna raised their price target on Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a research note on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.73.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the stock in a transaction dated 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 directly owned 107,569 shares of the company’s stock, valued at $1,528,555.49. This represents a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the sale, the executive vice president owned 91,805 shares of the company’s stock, valued at $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 6.44% of the stock is currently owned by corporate insiders.

Permian Resources Stock Up 1.2%

PR stock opened at $12.56 on Friday. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.33. The business’s 50 day simple moving average is $13.19 and its 200 day simple moving average is $13.29. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $10.05 billion, a PE ratio of 8.15 and a beta of 1.32.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the firm posted $0.39 EPS. The company’s quarterly revenue was down 3.9% on a year-over-year basis. As a group, research analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

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

Permian Resources 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.