Legal & General Group Plc Decreases Stock Position in Permian Resources Corporation $PR

Key Points

• Legal & General Group Plc reduced its stake in Permian Resources by 6.7% in the fourth quarter, selling 68,777 shares and ending with 951,393 shares valued at about $13.35 million.
• Insiders were active sellers, including directors Jeffrey Tepper and William J. Quinn, who sold shares in March; insiders have sold 1.44 million shares worth $27.9 million over the last three months.
• Analysts remain constructive overall, with the stock carrying a “Moderate Buy” consensus and an average price target of $22.69, while the company also announced a quarterly dividend of $0.16 per share.

Legal & General Group Plc decreased its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 6.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 951,393 shares of the company's stock after selling 68,777 shares during the period. Legal & General Group Plc owned approximately 0.11% of Permian Resources worth $13,348,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PR. Meiji Yasuda Asset Management Co Ltd. boosted its stake in Permian Resources by 4.0% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company's stock valued at $224,000 after buying an additional 607 shares during the last quarter. Kingswood Wealth Advisors LLC increased its stake in Permian Resources by 5.4% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company's stock worth $192,000 after acquiring an additional 706 shares during the last quarter. Curated Wealth Partners LLC raised its holdings in shares of Permian Resources by 1.1% during the 4th quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company's stock worth $991,000 after acquiring an additional 747 shares in the last quarter. Callahan Advisors LLC boosted its position in shares of Permian Resources by 4.8% during the 4th quarter. Callahan Advisors LLC now owns 22,093 shares of the company's stock valued at $310,000 after acquiring an additional 1,004 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of Permian Resources by 18.7% during the 3rd quarter. Allworth Financial LP now owns 6,445 shares of the company's stock valued at $82,000 after acquiring an additional 1,015 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Jeffrey Tepper sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $19.38, for a total transaction of $969,000.00. Following the completion of the sale, the director directly owned 150,546 shares of the company's stock, valued at approximately $2,917,581.48. This trade represents a 24.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Quinn sold 800,000 shares of the business's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $19.15, for a total value of $15,320,000.00. Following the transaction, the director owned 7,426,839 shares of the company's stock, valued at approximately $142,223,966.85. The trade was a 9.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,438,198 shares of company stock worth $27,865,280 over the last three months. 5.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PR. TD Cowen upped their price target on shares of Permian Resources from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, March 17th. Citigroup lifted their price objective on shares of Permian Resources from $21.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, March 31st. Weiss Ratings downgraded shares of Permian Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, May 12th. Mizuho upped their target price 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. Finally, Piper Sandler increased their price target on shares of Permian Resources from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Thursday, March 12th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $22.69.

Permian Resources Stock Up 0.2%

NYSE PR opened at $19.71 on Wednesday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. The firm has a market capitalization of $16.51 billion, a price-to-earnings ratio of 22.92 and a beta of 0.48. The company has a fifty day moving average of $20.55 and a two-hundred day moving average of $17.39.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the business earned $0.44 EPS. The business's revenue was up .9% on a year-over-year basis. On average, analysts predict that Permian Resources Corporation will post 2 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid 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 3.2%. Permian Resources's dividend payout ratio (DPR) is presently 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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