JPMorgan Chase & Co. Cuts Stock Holdings in Permian Resources Corporation $PR

JPMorgan Chase & Co. lowered its position in shares of Permian Resources Corporation (NYSE:PR) by 4.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,826,292 shares of the company’s stock after selling 117,042 shares during the period. JPMorgan Chase & Co. owned approximately 0.34% of Permian Resources worth $36,177,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its position in Permian Resources by 114.1% in the 3rd 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 in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Permian Resources by 340.8% in 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 during the last quarter. Allworth Financial LP raised its stake in shares of Permian Resources by 162.4% in the second quarter. Allworth Financial LP now owns 5,430 shares of the company’s stock worth $74,000 after purchasing an additional 3,361 shares during the last quarter. Rakuten Securities Inc. lifted its holdings in shares of Permian Resources by 237.6% during the second quarter. Rakuten Securities Inc. now owns 7,106 shares of the company’s stock valued at $97,000 after purchasing an additional 5,001 shares in the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of Permian Resources by 18.0% during the third quarter. UMB Bank n.a. now owns 8,203 shares of the company’s stock valued at $105,000 after purchasing an additional 1,250 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 800,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the completion of the sale, the director owned 7,426,839 shares of the company’s stock, valued at approximately $142,223,966.85. The trade was a 9.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John Charles Bell sold 158,385 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total value of $2,912,700.15. Following the completion of the sale, the executive vice president owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. The trade was a 9.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 5,340,522 shares of company stock valued at $89,069,383 in the last ninety days. Corporate insiders own 6.44% of the company’s stock.

Analyst Upgrades and Downgrades

PR has been the subject of several research analyst reports. Royal Bank Of Canada lifted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday, March 2nd. Citigroup raised their price target on shares of Permian Resources from $17.00 to $21.00 and gave the company a “buy” rating in a report on Friday, March 6th. TD Cowen lifted their price target on shares of Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Piper Sandler boosted their price objective on shares of Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, March 12th. Finally, Morgan Stanley lowered their price objective on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.85.

Permian Resources Stock Performance

Shares of NYSE PR opened at $20.08 on Friday. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $20.41. The firm has a market capitalization of $16.66 billion, a price-to-earnings ratio of 16.07, a price-to-earnings-growth ratio of 4.02 and a beta of 0.66. 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 firm has a 50 day moving average of $17.08 and a 200 day moving average of $14.77.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the company posted $0.36 EPS. The company’s revenue was down 9.8% compared to the same quarter last year. 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 business also recently announced 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 of this dividend is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s payout ratio is 51.20%.

Permian Resources Company 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.