347,924 Shares in Permian Resources Corporation $PR Purchased by Meritage Portfolio Management

Key Points

• Meritage Portfolio Management opened a new position in Permian Resources by buying 347,924 shares (~$4.88M) in Q4, part of a shareholder base where institutional investors now own 91.84% of the stock.
• Company insiders have been net sellers recently: Director William J. Quinn sold 800,000 shares and CEO William M. Hickey III sold 898,423 shares, with insiders offloading 3,130,066 shares (~$58.8M) over the last 90 days.
• Wall Street gives an overall Buy consensus (average price target $22.13); Permian raised its quarterly dividend to $0.16 (3.3% yield) and reported Q4 EPS of $0.37 (beat) while revenue missed at $1.17B.

Meritage Portfolio Management bought a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 347,924 shares of the company's stock, valued at approximately $4,881,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Farther Finance Advisors LLC raised its holdings in Permian Resources by 114.1% during the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company's stock worth $25,000 after acquiring an additional 1,047 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock valued at $57,000 after buying an additional 3,224 shares during the period. FNY Investment Advisers LLC bought a new stake in Permian Resources in the fourth quarter valued at approximately $60,000. Allworth Financial LP raised its stake in Permian Resources by 18.7% in the third quarter. Allworth Financial LP now owns 6,445 shares of the company's stock valued at $82,000 after buying an additional 1,015 shares during the period. Finally, Rakuten Securities Inc. raised its stake in Permian Resources by 237.6% in the second quarter. Rakuten Securities Inc. now owns 7,106 shares of the company's stock valued at $97,000 after buying an additional 5,001 shares during the period. Institutional investors own 91.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PR. Bank of America restated 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. Truist Financial upped their price objective on Permian Resources from $24.00 to $25.00 and gave the company a "buy" rating in a research note on Tuesday, April 14th. Zacks Research upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 27th. Susquehanna dropped their price objective on Permian Resources from $20.00 to $18.00 and set a "positive" rating on the stock in a research note on Monday, January 26th. Finally, KeyCorp began coverage on Permian Resources in a research note on Tuesday, April 7th. They issued an "overweight" rating and a $25.00 price objective on the stock. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $22.13.

Insider Activity at Permian Resources

In other news, Director William J. Quinn sold 800,000 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the transaction, the director owned 7,426,839 shares in the company, valued at approximately $142,223,966.85. This trade represents a 9.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William M. Hickey III sold 898,423 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $16,513,014.74. Following the sale, the chief executive officer directly owned 9,389,405 shares in the company, valued at $172,577,263.90. This represents a 8.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 3,130,066 shares of company stock valued at $58,837,655 in the last 90 days. Corporate insiders own 12.80% of the company's stock.

Permian Resources Price Performance

Shares of NYSE PR opened at $19.57 on Tuesday. The firm has a market cap of $16.37 billion, a P/E ratio of 15.66, a price-to-earnings-growth ratio of 2.62 and a beta of 0.56. 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 Corporation has a 1-year low of $11.44 and a 1-year high of $21.99. The business's 50 day moving average is $19.35 and its 200-day moving average is $15.84.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates 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 return on equity of 10.83% and a net margin of 18.46%.The firm's quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 earnings per share. Equities research analysts predict that Permian Resources Corporation will post 1.76 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. This is an increase from Permian Resources's previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, March 17th. Permian Resources's dividend payout ratio is 51.20%.

Permian Resources Company Profile

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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