First Trust Advisors LP Decreases Position in Permian Resources Corporation $PR

First Trust Advisors LP decreased its holdings in Permian Resources Corporation (NYSE:PR) by 3.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,744,829 shares of the company’s stock after selling 110,048 shares during the quarter. First Trust Advisors LP owned about 0.34% of Permian Resources worth $35,134,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PR. Boston Partners acquired a new stake in Permian Resources in the second quarter worth about $134,119,000. Vanguard Group Inc. increased its holdings in shares of Permian Resources by 10.4% during the third quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after acquiring an additional 6,705,644 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Permian Resources by 20.9% during the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock valued at $346,919,000 after acquiring an additional 4,691,280 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Permian Resources in the 2nd quarter valued at approximately $42,606,000. Finally, American Century Companies Inc. raised its position in shares of Permian Resources by 20.3% in the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock valued at $150,409,000 after purchasing an additional 1,863,632 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Price Performance

Shares of NYSE:PR opened at $19.09 on Friday. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $19.64. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. The company has a market cap of $15.83 billion, a PE ratio of 15.27 and a beta of 0.66. The company’s 50 day moving average is $16.39 and its 200 day moving average is $14.54.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. The business had revenue of $1.17 billion during 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 quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 EPS. On average, sell-side analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced 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. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Tuesday, March 17th. Permian Resources’s payout ratio is presently 48.00%.

Insider Buying and Selling

In other news, CEO William M. Hickey III sold 898,423 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $16,513,014.74. Following the completion of the transaction, the chief executive officer owned 9,389,405 shares of the company’s stock, valued at $172,577,263.90. The trade was a 8.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William J. Quinn sold 800,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total value of $15,320,000.00. Following the completion of the sale, the director owned 7,426,839 shares in the company, valued at $142,223,966.85. The trade was a 9.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,765,093 shares of company stock valued at $77,807,101 in the last 90 days. 6.44% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PR has been the topic of several research analyst reports. Bank of America reissued a “neutral” rating and set a $16.00 target price (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Zacks Research raised shares of Permian Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Raymond James Financial reiterated a “strong-buy” rating and set a $21.00 price objective on shares of Permian Resources in a research note on Thursday, February 26th. TD Cowen raised shares of Permian Resources to a “strong-buy” rating in a report on Monday, February 9th. Finally, Benchmark downgraded Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and an average price target of $20.42.

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.