Northern Trust Corp Sells 170,839 Shares of Permian Resources Corporation $PR

Key Points

• Northern Trust Corp has reduced its stake in Permian Resources Corporation by 3.3%, now holding approximately 5 million shares, valued at about $69.99 million.
• Permian Resources has received multiple upward price target adjustments from analysts, with several firms setting targets as high as $23.00 and a consensus rating of "Buy".
• The company recently announced a quarterly dividend of $0.15 per share, which represents an annualized yield of 4.2%.

Northern Trust Corp decreased its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,053,096 shares of the company's stock after selling 170,839 shares during the quarter. Northern Trust Corp owned approximately 0.63% of Permian Resources worth $69,985,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. OneDigital Investment Advisors LLC lifted its holdings in Permian Resources by 19.2% during the 1st quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock worth $267,000 after buying an additional 3,107 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Permian Resources by 12.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock worth $444,000 after buying an additional 3,547 shares in the last quarter. Crossmark Global Holdings Inc. lifted its holdings in Permian Resources by 8.5% during the 1st quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock worth $393,000 after buying an additional 2,215 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Permian Resources by 27.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock worth $425,000 after buying an additional 6,600 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new position in shares of Permian Resources in the 1st quarter valued at $174,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PR. Raymond James Financial restated a "strong-buy" rating and issued a $23.00 price target (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Bank of America raised their price target on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. William Blair began coverage on Permian Resources in a research report on Monday. They issued an "outperform" rating on the stock. UBS Group raised their price target on Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, Wall Street Zen downgraded Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $18.53.

Permian Resources Stock Performance

Shares of NYSE PR traded up $0.32 during midday trading on Thursday, reaching $14.47. 6,939,333 shares of the company traded hands, compared to its average volume of 10,376,946. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33. The stock has a 50-day moving average price of $13.77 and a 200 day moving average price of $13.31. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The company has a market cap of $11.58 billion, a price-to-earnings ratio of 9.39 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting analysts' consensus estimates of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The company's revenue was down 3.9% on a year-over-year basis. Sell-side analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.1%. The ex-dividend date is Tuesday, September 16th. Permian Resources's payout ratio is presently 38.96%.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.