Citigroup Inc. Cuts Stock Position in Permian Resources Corporation $PR

Citigroup Inc. trimmed its holdings in shares of Permian Resources Corporation (NYSE:PR) by 24.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 365,099 shares of the company’s stock after selling 121,304 shares during the quarter. Citigroup Inc.’s holdings in Permian Resources were worth $4,673,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its position in Permian Resources by 114.1% during the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after acquiring an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after purchasing an additional 1,391 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Permian Resources by 90.8% during the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after purchasing an additional 1,357 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after buying an additional 3,224 shares in the last quarter. Finally, Allworth Financial LP boosted its holdings in Permian Resources by 162.4% in the 2nd quarter. Allworth Financial LP now owns 5,430 shares of the company’s stock worth $74,000 after buying an additional 3,361 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 106,399 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the sale, the executive vice president directly owned 376,442 shares in the company, valued at approximately $5,130,904.46. This represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William M. Hickey III sold 467,725 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the completion of the transaction, the chief executive officer owned 1,010,136 shares of the company’s stock, valued at $13,768,153.68. This represents a 31.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 2,210,456 shares of company stock valued at $30,231,728. 12.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PR has been the topic of several research reports. Wells Fargo & Company raised their target price on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, January 27th. Raymond James Financial reiterated a “strong-buy” rating and issued a $21.00 price objective on shares of Permian Resources in a report on Thursday, February 26th. Susquehanna reduced their price target on Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a report on Monday, January 26th. Zacks Research raised shares of Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Finally, Mizuho boosted their target price on shares of Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $18.92.

Permian Resources Stock Down 2.4%

Shares of NYSE:PR opened at $18.34 on Wednesday. The firm has a market capitalization of $15.21 billion, a PE ratio of 14.67 and a beta of 0.66. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $19.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s 50-day moving average is $15.70 and its two-hundred day moving average is $14.28.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the previous year, the business posted $0.36 earnings per share. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. Analysts predict that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio is 48.00%.

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.