QRG Capital Management Inc. Sells 34,020 Shares of Permian Resources Corporation $PR

QRG Capital Management Inc. cut its stake in shares of Permian Resources Corporation (NYSE:PR) by 70.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,288 shares of the company’s stock after selling 34,020 shares during the quarter. QRG Capital Management Inc.’s holdings in Permian Resources were worth $183,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its position in shares of Permian Resources by 70.1% during the 2nd quarter. Nordea Investment Management AB now owns 490,311 shares of the company’s stock valued at $6,727,000 after purchasing an additional 202,026 shares during the period. Friedenthal Financial bought a new position in Permian Resources in the 2nd quarter worth $871,000. American Century Companies Inc. increased its stake in Permian Resources by 20.3% in the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock worth $150,409,000 after buying an additional 1,863,632 shares in the last quarter. Cresset Asset Management LLC increased its stake in Permian Resources by 599.2% in the 2nd quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock worth $2,377,000 after buying an additional 149,548 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in Permian Resources by 5.9% during the second quarter. Advisors Asset Management Inc. now owns 325,956 shares of the company’s stock valued at $4,440,000 after acquiring an additional 18,081 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Mizuho upped their price objective on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Piper Sandler lowered their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. Weiss Ratings restated a “hold (c)” rating on shares of Permian Resources in a research note on Monday, December 29th. Wall Street Zen raised shares of Permian Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Finally, Bank of America reiterated a “neutral” rating and set a $16.00 price objective (down previously from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and an average price target of $18.79.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CEO William M. Hickey III sold 467,725 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $6,375,091.75. Following the completion of the transaction, the chief executive officer directly owned 1,010,136 shares of the company’s stock, valued at $13,768,153.68. This trade represents a 31.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO James H. Walter sold 467,700 shares of the business’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the completion of the sale, the chief executive officer owned 1,010,138 shares in the company, valued at approximately $13,768,180.94. This trade represents a 31.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,210,456 shares of company stock valued at $30,231,728 over the last ninety days. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $14.78 on Monday. The firm has a market cap of $12.25 billion, a PE ratio of 13.56 and a beta of 0.66. The stock has a 50 day moving average of $14.24 and a 200 day moving average of $13.64. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $15.69.

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

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.1%. Permian Resources’s dividend payout ratio is presently 55.05%.

Permian Resources Profile

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.