Key Points
- Permian Resources EVP Guy Oliphint sold 62,769 shares on May 21 at an average price of $20.44, totaling about $1.28 million. After the sale, he still held 542,503 shares, a 10.37% reduction in his ownership stake.
- The company recently beat earnings expectations, reporting $0.39 EPS versus the $0.38 consensus. Revenue came in at $1.39 billion, slightly below estimates, while analysts still expect full-year EPS of 1.98.
- Permian Resources also declared a quarterly dividend of $0.16 per share, payable June 30, implying an annualized yield of 3.1%. Analysts currently maintain a consensus Buy rating with an average price target of $22.38.
Permian Resources Corporation (NYSE:PR - Get Free Report) EVP Guy Oliphint sold 62,769 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president owned 542,503 shares of the company's stock, valued at $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Permian Resources Price Performance
Permian Resources stock opened at $20.44 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $17.11 billion, a PE ratio of 23.76 and a beta of 0.52. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The stock has a 50-day moving average price of $20.51 and a two-hundred day moving average price of $17.05.
Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same quarter in the previous year, the firm posted $0.44 earnings per share. Permian Resources's revenue for the quarter was up .9% on a year-over-year basis. Analysts expect that Permian Resources Corporation will post 1.98 EPS for the current year.
Permian Resources Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.16 per share. The ex-dividend date is Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.1%. Permian Resources's dividend payout ratio (DPR) is presently 74.42%.
Hedge Funds Weigh In On Permian Resources
A number of large investors have recently modified their holdings of PR. AQR Capital Management LLC lifted its holdings in shares of Permian Resources by 69.2% in the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company's stock worth $2,060,000 after purchasing an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock worth $75,512,000 after purchasing an additional 852,347 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Permian Resources by 7.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company's stock worth $16,751,000 after purchasing an additional 87,105 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Permian Resources by 340.8% in the 2nd 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 in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Permian Resources by 21.3% in the 2nd quarter. Marshall Wace LLP now owns 93,507 shares of the company's stock worth $1,274,000 after purchasing an additional 16,443 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several brokerages recently commented on PR. Piper Sandler upped their target price on Permian Resources from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. The Goldman Sachs Group upped their target price on Permian Resources from $17.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, March 11th. Zacks Research upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 27th. TD Cowen upped their target price on Permian Resources from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Tuesday, March 17th. Finally, Truist Financial upped their target price on Permian Resources from $24.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, April 14th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $22.38.
Check Out Our Latest Analysis on PR
Permian Resources Company Profile
(
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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