Key Points
- Director William Quinn sold 512,429 shares on March 18 at an average price of $19.59 for proceeds of about $10.04 million, reducing his stake by 6.90% to 6,914,410 shares valued at roughly $135.45 million.
- Permian Resources raised its quarterly dividend to $0.16 (annualized $0.64, ~3.2% yield) and reported Q results with EPS of $0.37 beating estimates, while revenue fell 9.8% year-over-year to $1.17 billion.
- The stock is trading near its one-year high with a market cap of $16.55 billion, enjoys heavy institutional ownership (91.84%), and carries a consensus analyst rating of "Moderate Buy" with an average price target of $20.85.
Permian Resources Corporation (NYSE:PR - Get Free Report) Director Aron Marquez sold 5,250 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $19.57, for a total value of $102,742.50. Following the transaction, the director owned 79,968 shares of the company's stock, valued at approximately $1,564,973.76. This trade represents a 6.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Aron Marquez also recently made the following trade(s):
- On Wednesday, March 18th, Aron Marquez sold 7,750 shares of Permian Resources stock. The shares were sold at an average price of $19.62, for a total value of $152,055.00.
Permian Resources Trading Up 0.2%
Shares of Permian Resources stock opened at $20.00 on Friday. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $20.17. The company's fifty day simple moving average is $16.96 and its 200-day simple moving average is $14.73. The company has a market cap of $16.59 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 3.93 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.
Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.09. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate 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 was down 9.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 EPS. As a group, sell-side analysts expect that Permian Resources Corporation will post 1.45 EPS 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 paid a $0.16 dividend. The ex-dividend date is Tuesday, March 17th. This is a boost from Permian Resources's previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. Permian Resources's dividend payout ratio is 51.20%.
Institutional Investors Weigh In On Permian Resources
A number of institutional investors have recently added to or reduced their stakes in the stock. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Permian Resources by 4.0% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company's stock valued at $224,000 after purchasing an additional 607 shares during the period. Waterloo Capital L.P. lifted its position in shares of Permian Resources by 3.1% during the 4th quarter. Waterloo Capital L.P. now owns 21,773 shares of the company's stock worth $305,000 after buying an additional 657 shares during the period. Kingswood Wealth Advisors LLC boosted its stake in Permian Resources by 5.4% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company's stock valued at $192,000 after buying an additional 706 shares in the last quarter. Curated Wealth Partners LLC grew its position in Permian Resources by 1.1% in the fourth quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company's stock valued at $991,000 after acquiring an additional 747 shares during the period. Finally, Chilton Capital Management LLC grew its position in Permian Resources by 3.5% in the third quarter. Chilton Capital Management LLC now owns 23,668 shares of the company's stock valued at $303,000 after acquiring an additional 800 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research firms have commented on PR. Royal Bank Of Canada upped their price target on Permian Resources from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Monday, March 2nd. Citigroup lifted their price objective 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 boosted their price objective on Permian Resources from $19.00 to $23.00 and gave the company a "buy" rating in a research report on Thursday, March 5th. Susquehanna cut their target price on Permian Resources from $20.00 to $18.00 and set a "positive" rating for the company in a research note on Monday, January 26th. Finally, Piper Sandler lifted their price target on shares of Permian Resources from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Permian Resources presently has a consensus rating of "Moderate Buy" and an average price target of $20.85.
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Permian Resources Company Profile
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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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