Bank of New York Mellon Corp Buys 13,483,136 Shares of Permian Resources Corporation $PR

Key Points

• Bank of New York Mellon more than doubled its stake in Permian Resources during the fourth quarter, buying 13.48 million additional shares and bringing its total holding to 25.15 million shares worth about $352.9 million.
• Permian Resources reported quarterly earnings of $0.39 per share, slightly beating estimates, while revenue came in at $1.39 billion, just below expectations. Analysts currently see the stock as a Moderate Buy with an average price target of $22.69.
• The company declared a quarterly dividend of $0.16 per share, implying a 3.2% annualized yield, while insiders have been net sellers over the last three months, disposing of 1.44 million shares.

Bank of New York Mellon Corp grew its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 115.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,153,702 shares of the company's stock after purchasing an additional 13,483,136 shares during the period. Bank of New York Mellon Corp owned approximately 3.03% of Permian Resources worth $352,906,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Bridges Investment Management Inc. boosted its stake in shares of Permian Resources by 37.5% during the 4th quarter. Bridges Investment Management Inc. now owns 16,368 shares of the company's stock valued at $230,000 after purchasing an additional 4,468 shares in the last quarter. GW Henssler & Associates Ltd. boosted its stake in shares of Permian Resources by 11.1% during the 4th quarter. GW Henssler & Associates Ltd. now owns 13,857 shares of the company's stock valued at $194,000 after purchasing an additional 1,390 shares in the last quarter. Waterloo Capital L.P. boosted its stake in shares of Permian Resources by 3.1% during the 4th quarter. Waterloo Capital L.P. now owns 21,773 shares of the company's stock valued at $305,000 after purchasing an additional 657 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Permian Resources by 578.3% during the 4th quarter. BNP Paribas Financial Markets now owns 1,168,396 shares of the company's stock valued at $16,393,000 after purchasing an additional 996,138 shares in the last quarter. Finally, Impact Partnership Wealth LLC bought a new stake in Permian Resources during the fourth quarter worth about $218,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Down 0.2%

PR opened at $20.15 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average price of $20.54 and a 200-day moving average price of $17.53. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $22.67. The stock has a market capitalization of $16.87 billion, a price-to-earnings ratio of 23.43 and a beta of 0.48.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm's quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company earned $0.44 earnings per share. Equities research analysts forecast that Permian Resources Corporation will post 2 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, June 16th. Permian Resources's payout ratio is 74.42%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PR. KeyCorp began coverage on shares of Permian Resources in a research note on Tuesday, April 7th. They set an "overweight" rating and a $25.00 price objective on the stock. Benchmark cut shares of Permian Resources from a "buy" rating to a "hold" rating in a report on Thursday, March 5th. Weiss Ratings cut shares of Permian Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, May 12th. Citigroup lifted their target price on shares of Permian Resources from $21.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, March 31st. Finally, Roth Mkm reaffirmed a "neutral" rating and issued a $22.00 target price (up from $20.00) on shares of Permian Resources in a report on Wednesday, April 8th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Permian Resources currently has a consensus rating of "Moderate Buy" and an average target price of $22.69.

Insider Buying and Selling at Permian Resources

In related news, Director Aron Marquez sold 7,750 shares of the business's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total transaction of $152,055.00. Following the completion of the sale, the director directly owned 72,218 shares in the company, valued at approximately $1,416,917.16. The trade was a 9.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey Tepper sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $19.38, for a total transaction of $969,000.00. Following the sale, the director owned 150,546 shares of the company's stock, valued at $2,917,581.48. This trade represents a 24.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,438,198 shares of company stock valued at $27,865,280. 5.00% of the stock is owned by corporate insiders.

Permian Resources 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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