Comerica Bank Sells 1,104,694 Shares of Permian Resources Corporation $PR

Key Points

• Comerica Bank sold 1,104,694 shares of Permian Resources in Q4, trimming its stake by 80.0% to 276,009 shares worth $3.87 million per its latest 13F filing.
• Company insiders, including CEO James H. Walter and Director William J. Quinn, sold large blocks (673,425 and 512,429 shares respectively), with insiders disposing of 3,130,066 shares worth $58.8 million in the last three months while still owning 5% of the company.
• Permian’s shares opened at $22.07 near their 52-week high, the company raised its quarterly dividend to $0.16 (annualized $0.64, yield 2.9%) and reported an EPS beat of $0.37 versus $0.28 despite lower revenue, while analysts hold a consensus Buy rating with an average target of $22.38.

Comerica Bank trimmed its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 80.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 276,009 shares of the company's stock after selling 1,104,694 shares during the period. Comerica Bank's holdings in Permian Resources were worth $3,872,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC raised its position in shares of Permian Resources by 45.2% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 35,483 shares of the company's stock valued at $498,000 after buying an additional 11,043 shares during the last quarter. Pictet Asset Management Holding SA raised its position in shares of Permian Resources by 17.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 103,552 shares of the company's stock valued at $1,453,000 after buying an additional 15,718 shares during the last quarter. UBS Group AG raised its position in shares of Permian Resources by 39.5% during the fourth quarter. UBS Group AG now owns 6,560,632 shares of the company's stock valued at $92,046,000 after buying an additional 1,858,992 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Permian Resources by 16.4% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 212,970 shares of the company's stock valued at $2,988,000 after buying an additional 30,000 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Permian Resources by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company's stock valued at $1,057,930,000 after buying an additional 3,941,318 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Buying and Selling

In other news, Director William J. Quinn sold 512,429 shares of the business's stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total value of $10,038,484.11. Following the sale, the director owned 6,914,410 shares in the company, valued at approximately $135,453,291.90. The trade was a 6.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James H. Walter sold 673,425 shares of the business's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the completion of the sale, the chief executive officer owned 9,389,405 shares in the company, valued at $172,577,263.90. This represents a 6.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,130,066 shares of company stock worth $58,837,655 in the last three months. Company insiders own 5.00% of the company's stock.

Permian Resources Stock Up 2.1%

PR opened at $22.07 on Friday. Permian Resources Corporation has a fifty-two week low of $11.64 and a fifty-two week high of $22.11. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The firm's fifty day moving average price is $19.92 and its two-hundred day moving average price is $16.27. The company has a market capitalization of $18.45 billion, a P/E ratio of 17.65, a P/E/G ratio of 1.25 and a beta of 0.52.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the company earned $0.36 EPS. The firm's revenue for the quarter was down 9.8% compared to the same quarter last year. On average, analysts anticipate that Permian Resources Corporation will post 1.92 EPS 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 $0.16 dividend. The ex-dividend date was Tuesday, March 17th. This represents a $0.64 annualized dividend and a dividend yield of 2.9%. This is a boost from Permian Resources's previous quarterly dividend of $0.15. Permian Resources's dividend payout ratio is presently 51.20%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Weiss Ratings raised shares of Permian Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, March 6th. Royal Bank Of Canada upped their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Monday, March 2nd. KeyCorp began coverage on shares of Permian Resources in a research report on Tuesday, April 7th. They set an "overweight" rating and a $25.00 price objective for the company. Piper Sandler lifted their price target on shares of Permian Resources from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, March 12th. Finally, The Goldman Sachs Group lifted their price target on shares of Permian Resources from $17.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, March 11th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $22.38.

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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