BI Asset Management Fondsmaeglerselskab A S Has $708,000 Holdings in Permian Resources Corporation $PR

Key Points

• BI Asset Management Fondsmaeglerselskab A S sharply reduced its stake in Permian Resources by 84.6% in the fourth quarter, leaving it with 50,485 shares valued at about $708,000.
• Wall Street remains cautiously upbeat, with several analysts maintaining buy-equivalent ratings and price targets around the mid-to-high $20s, while MarketBeat shows a consensus rating of “Moderate Buy” and a $22.69 average target.
• Permian Resources posted mixed financial results and continues paying a dividend: it beat EPS estimates in its latest quarter, declared a $0.16 quarterly dividend, and offers an annualized yield of about 3.2%.

BI Asset Management Fondsmaeglerselskab A S cut its position in Permian Resources Corporation (NYSE:PR - Free Report) by 84.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,485 shares of the company's stock after selling 276,879 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Permian Resources were worth $708,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP boosted its position in Permian Resources by 77.2% in the fourth quarter. Westfield Capital Management Co. LP now owns 5,951,186 shares of the company's stock valued at $83,495,000 after buying an additional 2,593,470 shares in the last quarter. Vise Technologies Inc. boosted its position in Permian Resources by 47.1% in the fourth quarter. Vise Technologies Inc. now owns 35,243 shares of the company's stock valued at $494,000 after buying an additional 11,292 shares in the last quarter. State of Wyoming boosted its position in Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company's stock valued at $41,000 after buying an additional 1,640 shares in the last quarter. CIBC Asset Management Inc boosted its position in Permian Resources by 43.2% in the fourth quarter. CIBC Asset Management Inc now owns 22,953 shares of the company's stock valued at $322,000 after buying an additional 6,926 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock valued at $352,906,000 after buying an additional 13,483,136 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of recent analyst reports. Piper Sandler boosted their price target on shares of Permian Resources from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a research note on Monday, May 25th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $21.00 target price on shares of Permian Resources in a research note on Thursday, February 26th. Morgan Stanley reaffirmed an "overweight" rating on shares of Permian Resources in a research note on Friday, March 27th. Finally, Mizuho boosted their target price on shares of Permian Resources from $26.00 to $27.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Permian Resources presently has an average rating of "Moderate Buy" and a consensus price target of $22.69.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president owned 542,503 shares in the company, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Aron Marquez sold 7,750 shares of the company'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 transaction, the director owned 72,218 shares of the company's stock, valued at $1,416,917.16. This trade represents a 9.69% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 588,198 shares of company stock worth $11,576,280. 5.00% of the stock is currently owned by company insiders.

Permian Resources Stock Up 3.1%

Shares of NYSE PR opened at $19.79 on Thursday. The stock has a market cap of $16.57 billion, a P/E ratio of 23.02 and a beta of 0.48. The firm has a 50 day moving average price of $20.38 and a 200 day moving average price of $17.69. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business's revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.44 earnings per share. Analysts expect that Permian Resources Corporation will post 2.01 EPS for the current year.

Permian Resources Announces Dividend

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

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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