William Quinn Sells 512,429 Shares of Permian Resources (NYSE:PR) Stock

Permian Resources Corporation (NYSE:PR) Director William Quinn sold 512,429 shares of the business’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $19.59, for a total value of $10,038,484.11. Following the transaction, the director owned 6,914,410 shares in the company, valued at $135,453,291.90. The trade was a 6.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Permian Resources Trading Up 0.6%

NYSE:PR opened at $20.08 on Friday. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $20.41. 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 has a fifty day moving average price of $17.08 and a two-hundred day moving average price of $14.77. The stock has a market capitalization of $16.66 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 4.00 and a beta of 0.66.

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

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.16 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s payout ratio is currently 51.20%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Hsbc Holdings PLC purchased a new stake in Permian Resources in the 4th quarter valued at about $774,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Permian Resources by 6.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 24,063 shares of the company’s stock worth $338,000 after acquiring an additional 1,498 shares during the period. Corient Private Wealth LLC boosted its position in shares of Permian Resources by 80.0% in the fourth quarter. Corient Private Wealth LLC now owns 80,764 shares of the company’s stock worth $1,133,000 after acquiring an additional 35,905 shares during the last quarter. SHP Wealth Management acquired a new stake in shares of Permian Resources in the fourth quarter worth approximately $27,000. Finally, Fearnley Asset Management AS purchased a new stake in Permian Resources in the fourth quarter valued at approximately $7,175,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Benchmark downgraded shares of Permian Resources from a “buy” rating to a “hold” rating in a report on Thursday, March 5th. Weiss Ratings raised shares of Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. The Goldman Sachs Group increased their price target on shares of Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. Wells Fargo & Company raised their price objective on shares of Permian Resources from $17.00 to $21.00 and gave the stock an “overweight” rating in a research note on Monday, March 16th. Finally, Piper Sandler lifted their price objective on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.85.

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.