Permian Resources Corporation $PR Shares Sold by Algert Global LLC

Key Points

• Algert Global LLC has reduced its stake in Permian Resources Corporation by 27.0%, selling 229,072 shares during the first quarter, leaving it with 618,297 shares valued at approximately $8.56 million.
• Permian Resources reported a net margin of 22.41% and a return on equity of 10.91%, with quarterly earnings meeting consensus estimates at $0.27 per share, while revenues decreased by 3.9% year-over-year.
• The company recently announced a quarterly dividend of $0.15 per share, representing a 4.5% yield and a payout ratio of 38.96%.

Algert Global LLC trimmed its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 27.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 618,297 shares of the company's stock after selling 229,072 shares during the period. Algert Global LLC owned approximately 0.08% of Permian Resources worth $8,563,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allworth Financial LP lifted its stake in Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after acquiring an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC purchased a new position in shares of Permian Resources during the 1st quarter valued at approximately $30,000. Tsfg LLC purchased a new position in shares of Permian Resources during the 1st quarter valued at approximately $46,000. Hexagon Capital Partners LLC increased its holdings in shares of Permian Resources by 30.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock valued at $54,000 after purchasing an additional 921 shares in the last quarter. Finally, SouthState Corp purchased a new position in shares of Permian Resources during the 1st quarter valued at approximately $55,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Trading Up 4.7%

NYSE PR traded up $0.6150 during trading hours on Friday, reaching $13.7550. The company had a trading volume of 7,540,405 shares, compared to its average volume of 10,142,048. The stock has a 50-day moving average of $13.84 and a 200 day moving average of $13.33. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.33. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $11.01 billion, a P/E ratio of 8.93 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting analysts' consensus estimates of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The company had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. Permian Resources's revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, research analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.4%. Permian Resources's dividend payout ratio is presently 38.96%.

Wall Street Analyst Weigh In

PR has been the subject of several recent research reports. Piper Sandler lifted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Wells Fargo & Company lifted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. UBS Group lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Morgan Stanley lifted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the company an "overweight" rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $18.53.

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.