Permian Resources Corporation $PR Shares Sold by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC cut its stake in Permian Resources Corporation (NYSE:PR) by 71.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,517 shares of the company’s stock after selling 39,075 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Permian Resources were worth $199,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

A number of brokerages have weighed in on PR. Piper Sandler raised their price objective on Permian Resources from $20.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, March 5th. Wells Fargo & Company increased their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, January 27th. Citigroup raised their price target on shares of Permian Resources from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday. UBS Group boosted their price target on shares of Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Finally, Morgan Stanley dropped their price objective on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $19.69.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 158,385 shares of Permian Resources stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the transaction, the executive vice president directly owned 1,567,172 shares of the company’s stock, valued at $28,820,293.08. The trade was a 9.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James H. Walter sold 673,425 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the completion of the sale, the chief executive officer directly owned 9,389,405 shares of the company’s stock, valued at approximately $172,577,263.90. This trade represents a 6.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,965,093 shares of company stock valued at $62,487,101 over the last ninety days. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Stock Performance

NYSE PR opened at $19.17 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The stock’s fifty day moving average is $16.10 and its two-hundred day moving average is $14.44. The firm has a market capitalization of $15.89 billion, a P/E ratio of 15.33 and a beta of 0.66. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $19.44.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the company earned $0.36 EPS. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. On average, research analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.16 per share. The ex-dividend date is Tuesday, March 17th. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 3.3%. Permian Resources’s dividend payout ratio (DPR) is 48.00%.

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.