Key Points
- Permian Resources EVP Guy Oliphint sold 5,103 shares at an average price of $23.75, generating $121,196.25. The sale covered tax-withholding obligations tied to vested equity awards and reduced his ownership by 0.94%.
- The company exceeded quarterly expectations, reporting $0.69 in EPS and $1.86 billion in revenue, with revenue up 55.1% year over year.
- Permian Resources declared a quarterly dividend of $0.16 per share, equating to a 2.7% yield, while analysts maintained an overall “Buy” consensus with a $23.65 average price target.
Permian Resources Corporation (NYSE:PR - Get Free Report) EVP Guy Oliphint sold 5,103 shares of the business's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,196.25. Following the sale, the executive vice president directly owned 537,400 shares in the company, valued at approximately $12,763,250. This trade represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Permian Resources Price Performance
PR opened at $23.72 on Friday. The firm has a market capitalization of $19.87 billion, a P/E ratio of 15.71 and a beta of 0.49. The stock has a fifty day moving average of $20.91 and a 200-day moving average of $20.16. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $24.09.
Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.Permian Resources's revenue for the quarter was up 55.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 earnings per share. Equities analysts forecast that Permian Resources Corporation will post 2.24 EPS for the current fiscal year.
Permian Resources Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources's payout ratio is 42.38%.
Institutional Trading of Permian Resources
A number of institutional investors and hedge funds have recently made changes to their positions in PR. SJS Investment Consulting Inc. raised its stake in shares of Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock valued at $30,000 after acquiring an additional 1,341 shares in the last quarter. SHP Wealth Management acquired a new position in Permian Resources during the fourth quarter valued at approximately $27,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Permian Resources in the first quarter worth $48,000. Los Angeles Capital Management LLC bought a new stake in shares of Permian Resources during the 4th quarter worth $39,000. Finally, State of Wyoming grew its stake in Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company's stock valued at $41,000 after buying an additional 1,640 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.
Analyst Ratings Changes
A number of research firms have recently issued reports on PR. Wall Street Zen raised shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Wells Fargo & Company raised shares of Permian Resources to a "strong-buy" rating in a research report on Wednesday. Truist Financial increased their target price on shares of Permian Resources from $22.00 to $24.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Morgan Stanley reissued an "overweight" rating on shares of Permian Resources in a research note on Wednesday, August 19th. Finally, UBS Group lowered their price target on shares of Permian Resources from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Friday, July 17th. Six equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $23.65.
Read Our Latest 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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