First Eagle Investment Management LLC Has $514,000 Position in Permian Resources Corporation $PR

Key Points

• First Eagle Investment Management cut its Permian Resources stake by 90.9% in the fourth quarter, leaving it with 36,643 shares valued at about $514,000.
• Insider selling was significant: CEO William M. Hickey III and CEO James H. Walter each sold large blocks of stock on March 4, and insiders sold 3.13 million shares worth about $58.8 million last quarter.
• Analysts remain constructive overall, with a consensus rating of “Buy” and an average price target of $22.38 after multiple firms raised targets; Permian Resources also recently reported earnings of $0.39 per share and declared a quarterly dividend of $0.16 per share.

First Eagle Investment Management LLC lowered its position in Permian Resources Corporation (NYSE:PR - Free Report) by 90.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,643 shares of the company's stock after selling 368,008 shares during the quarter. First Eagle Investment Management LLC's holdings in Permian Resources were worth $514,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PR. Boston Partners lifted its stake in Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company's stock valued at $222,099,000 after acquiring an additional 7,503,654 shares during the last quarter. Vanguard Group Inc. lifted its stake in Permian Resources by 10.4% in the third quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company's stock valued at $914,733,000 after acquiring an additional 6,705,644 shares during the last quarter. Millennium Management LLC lifted its stake in Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company's stock valued at $126,081,000 after acquiring an additional 6,678,814 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Permian Resources by 20.9% in the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company's stock valued at $346,919,000 after acquiring an additional 4,691,280 shares during the last quarter. Finally, Merewether Investment Management LP lifted its stake in Permian Resources by 63.5% in the third quarter. Merewether Investment Management LP now owns 8,836,137 shares of the company's stock valued at $113,103,000 after acquiring an additional 3,431,900 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Buying and Selling at Permian Resources

In related news, CEO William M. Hickey III sold 898,423 shares of the firm's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction of $16,513,014.74. Following the transaction, the chief executive officer directly owned 9,389,405 shares of the company's stock, valued at approximately $172,577,263.90. This trade represents a 8.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James H. Walter sold 673,425 shares of the firm's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the transaction, the chief executive officer directly owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. This represents a 6.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 3,130,066 shares of company stock valued at $58,837,655 in the last quarter. Company insiders own 5.00% of the company's stock.

Analysts Set New Price Targets

PR has been the subject of a number of recent analyst reports. Royal Bank Of Canada increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Monday, March 2nd. The Goldman Sachs Group increased their price target on shares of Permian Resources from $17.00 to $22.00 and gave the company a "buy" rating in a research note on Wednesday, March 11th. Wells Fargo & Company raised their target price on shares of Permian Resources from $21.00 to $27.00 and gave the stock an "overweight" rating in a research note on Friday, April 10th. Susquehanna cut their target price on shares of Permian Resources from $20.00 to $18.00 and set a "positive" rating for the company in a research note on Monday, January 26th. Finally, Roth Mkm restated a "neutral" rating and set a $22.00 target price (up from $20.00) on shares of Permian Resources in a research note on Wednesday, April 8th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $22.38.

Permian Resources Stock Performance

NYSE PR opened at $20.22 on Friday. The firm has a 50-day moving average of $20.30 and a 200-day moving average of $16.76. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market cap of $16.91 billion, a PE ratio of 23.52, a P/E/G ratio of 1.11 and a beta of 0.52. 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 posted its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The company 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%. Permian Resources's quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the company posted $0.44 EPS. On average, sell-side analysts anticipate that Permian Resources Corporation will post 1.97 EPS for the current year.

Permian Resources Announces Dividend

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

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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