Key Points
- Director William Quinn sold 800,000 shares at an average of $19.15 on March 11 for about $15.32 million, trimming his stake by 9.72% to 7,426,839 shares (~$142.2M), per an SEC filing.
- Permian raised its quarterly dividend to $0.16 (annualized $0.64), yielding 3.4%; the ex-dividend date is March 17 and the payment date is March 31.
- The company reported EPS of $0.37 (beat) but revenue of $1.17B missed estimates, while several analysts (Goldman, Citi, UBS) raised price targets and the consensus rating is a "Moderate Buy" with an average target of $20.42.
Permian Resources Corporation (NYSE:PR - Get Free Report) Director William 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 value of $15,320,000.00. Following the transaction, the director directly 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link.
Permian Resources Price Performance
Shares of PR stock traded down $0.01 on Friday, reaching $19.07. The company had a trading volume of 6,991,981 shares, compared to its average volume of 12,402,003. The business's 50-day moving average is $16.39 and its 200 day moving average is $14.54. Permian Resources Corporation has a one year low of $10.01 and a one year high of $19.64. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $15.81 billion, a PE ratio of 15.26 and a beta of 0.66.
Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The firm's revenue was down 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 EPS. Equities research analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.
Permian Resources Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.4%. This is a boost from Permian Resources's previous quarterly dividend of $0.15. The ex-dividend date is Tuesday, March 17th. Permian Resources's dividend payout ratio (DPR) is currently 48.00%.
Institutional Trading of Permian Resources
A number of institutional investors and hedge funds have recently bought and sold shares of PR. Ruffer LLP bought a new stake in shares of Permian Resources in the 3rd quarter valued at about $2,608,000. Massachusetts Financial Services Co. MA raised its position in shares of Permian Resources by 8.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company's stock worth $236,207,000 after acquiring an additional 1,421,059 shares during the last quarter. American Century Companies Inc. raised its position in shares of Permian Resources by 20.3% during the second quarter. American Century Companies Inc. now owns 11,043,274 shares of the company's stock worth $150,409,000 after acquiring an additional 1,863,632 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of Permian Resources by 101.0% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company's stock worth $6,920,000 after acquiring an additional 271,668 shares during the period. Finally, Cresset Asset Management LLC lifted its stake in shares of Permian Resources by 599.2% in the second quarter. Cresset Asset Management LLC now owns 174,508 shares of the company's stock worth $2,377,000 after acquiring an additional 149,548 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts recently weighed in on the company. The Goldman Sachs Group raised their price objective on Permian Resources from $17.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday. Citigroup upped their target price on Permian Resources from $17.00 to $21.00 and gave the stock a "buy" rating in a report on Friday, March 6th. UBS Group increased their target price on Permian Resources from $19.00 to $23.00 and gave the company a "buy" rating in a research report on Thursday, March 5th. Weiss Ratings upgraded Permian Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, March 6th. Finally, Bank of America reaffirmed a "neutral" rating and issued a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.42.
Read Our Latest Stock Report on PR
About Permian Resources
(
Get Free Report)
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.
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