Insider Selling: Permian Resources Co. (NYSE:PR) CFO Sells 8,761 Shares of Stock

Permian Resources Co. (NYSE:PR) CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the sale, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Permian Resources Price Performance

NYSE PR opened at $14.95 on Thursday. The firm has a market capitalization of $12.01 billion, a PE ratio of 9.06, a P/E/G ratio of 0.88 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 12 month low of $12.59 and a 12 month high of $18.28. The company’s 50 day simple moving average is $14.73 and its 200 day simple moving average is $14.66.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 earnings per share. As a group, equities research analysts forecast that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 4.01%. Permian Resources’s dividend payout ratio is currently 36.36%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. State Street Corp raised its position in Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock valued at $299,790,000 after buying an additional 1,263,460 shares during the period. Massachusetts Financial Services Co. MA grew its position in Permian Resources by 9.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after purchasing an additional 1,543,854 shares in the last quarter. Geode Capital Management LLC lifted its position in Permian Resources by 17.6% in the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock worth $148,957,000 after buying an additional 1,638,618 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after buying an additional 1,555,884 shares during the period. Finally, Jennison Associates LLC grew its holdings in shares of Permian Resources by 14.5% during the 3rd quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock valued at $104,080,000 after acquiring an additional 966,940 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lowered their price objective on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. UBS Group decreased their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. lowered their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Finally, The Goldman Sachs Group initiated coverage on Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target on the stock. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.87.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.