Icon Wealth Advisors LLC Sells 74,245 Shares of Permian Resources Corporation $PR

Key Points

• Icon Wealth Advisors cut its Permian Resources stake by 53.6% in the fourth quarter, selling 74,245 shares and leaving it with 64,175 shares valued at about $894,000.
• Permian Resources reported quarterly EPS of $0.39, slightly ahead of expectations, while revenue came in just below estimates at $1.39 billion and rose 0.9% year over year.
• The company declared a quarterly dividend of $0.16 per share, implying a 3.3% annualized yield; meanwhile, analysts maintain a consensus Moderate Buy rating with a target price of $22.69.

Icon Wealth Advisors LLC decreased its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 53.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,175 shares of the company's stock after selling 74,245 shares during the period. Icon Wealth Advisors LLC's holdings in Permian Resources were worth $894,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of PR. AQR Capital Management LLC boosted its stake in shares of Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company's stock valued at $2,060,000 after purchasing an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Permian Resources by 18.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock valued at $75,512,000 after purchasing an additional 852,347 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Permian Resources by 7.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company's stock valued at $16,751,000 after purchasing an additional 87,105 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock valued at $57,000 after purchasing an additional 3,224 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Permian Resources by 21.3% during the 2nd quarter. Marshall Wace LLP now owns 93,507 shares of the company's stock valued at $1,274,000 after purchasing an additional 16,443 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Permian Resources Trading Down 0.2%

Shares of NYSE PR opened at $19.48 on Monday. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $22.67. The stock has a market cap of $16.31 billion, a P/E ratio of 22.65 and a beta of 0.48. The firm has a 50-day moving average of $20.32 and a 200 day moving average of $17.76. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results 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. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.41 billion. During the same period last year, the company posted $0.44 EPS. Permian Resources's revenue was up .9% on a year-over-year basis. As a group, sell-side analysts expect that Permian Resources Corporation will post 2.01 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.3%. Permian Resources's payout ratio is 74.42%.

Wall Street Analyst Weigh In

PR has been the topic of a number of research reports. Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a research note on Monday, May 25th. UBS Group lifted their target price on shares of Permian Resources from $19.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, March 5th. Zacks Research lowered shares of Permian Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 22nd. Morgan Stanley reissued an "overweight" rating on shares of Permian Resources in a research report on Friday, March 27th. Finally, Mizuho lifted their price target on shares of Permian Resources from $26.00 to $27.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Permian Resources has a consensus rating of "Moderate Buy" and a consensus target price of $22.69.

Insiders Place Their Bets

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William J. Quinn sold 512,429 shares of Permian Resources stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the completion of the transaction, the director directly owned 6,914,410 shares of the company's stock, valued at $135,453,291.90. This trade represents a 6.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 588,198 shares of company stock valued at $11,576,280. Insiders own 5.00% of the company's stock.

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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