Bank of America Corp DE Purchases 481,917 Shares of Permian Resources Corporation $PR

Key Points

• Bank of America increased its Permian Resources stake by 19.4% in the first quarter, purchasing 481,917 shares to reach 2.97 million shares valued at approximately $63.3 million.
• Institutional investors collectively own 91.84% of Permian Resources, while an executive sold 62,769 shares worth about $1.28 million; corporate insiders retain a 5% ownership stake.
• Permian Resources shares opened at $21.17, up 5.1%, and the company announced a quarterly dividend of $0.16 per share, representing a 3.0% annualized yield. Analysts maintain a consensus “Buy” rating with a $23.41 price target.

Bank of America Corp DE lifted its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 19.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,971,238 shares of the company's stock after buying an additional 481,917 shares during the period. Bank of America Corp DE owned about 0.35% of Permian Resources worth $63,347,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Sanctuary Advisors LLC raised its position in Permian Resources by 35.3% in the 1st quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company's stock worth $4,073,000 after purchasing an additional 49,798 shares during the period. Principal Financial Group Inc. boosted its position in Permian Resources by 1.8% during the first quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company's stock valued at $100,911,000 after buying an additional 85,509 shares during the period. Horizon Investments LLC boosted its position in Permian Resources by 80.8% during the fourth quarter. Horizon Investments LLC now owns 420,448 shares of the company's stock valued at $5,899,000 after buying an additional 187,903 shares during the period. Sterling Capital Management LLC grew its stake in shares of Permian Resources by 98.0% during the first quarter. Sterling Capital Management LLC now owns 168,262 shares of the company's stock valued at $3,587,000 after buying an additional 83,302 shares during the last quarter. Finally, King Luther Capital Management Corp grew its stake in shares of Permian Resources by 2.8% during the fourth quarter. King Luther Capital Management Corp now owns 5,422,559 shares of the company's stock valued at $76,079,000 after buying an additional 146,836 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the firm's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the sale, the executive vice president owned 542,503 shares of the company's stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.00% of the stock is currently owned by corporate insiders.

Permian Resources Stock Up 5.1%

NYSE PR opened at $21.17 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The stock has a market capitalization of $17.73 billion, a PE ratio of 14.02 and a beta of 0.47. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $22.67. The business's 50-day moving average is $19.60 and its 200 day moving average is $19.30.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, September 16th. Permian Resources's dividend payout ratio is currently 42.38%.

Analyst Ratings Changes

PR has been the subject of a number of recent research reports. Roth Capital set a $23.00 target price on Permian Resources and gave the company a "buy" rating in a research note on Monday, June 22nd. Evercore initiated coverage on Permian Resources in a research report on Tuesday, June 23rd. They set an "outperform" rating and a $25.00 price target on the stock. Citigroup decreased their price target on Permian Resources from $26.00 to $24.00 and set a "buy" rating on the stock in a research note on Wednesday, July 15th. Zacks Research downgraded Permian Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 22nd. Finally, Scotiabank boosted their price objective on Permian Resources from $21.00 to $25.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 22nd. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $23.41.

About Permian Resources

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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