Oak Ridge Investments LLC Cuts Holdings in Permian Resources Corporation $PR

Key Points

• Oak Ridge Investments cut its stake in Permian Resources by 33.5% in Q4, selling 56,012 shares and leaving it with 111,190 shares valued at about $1.56 million.
• Corporate insiders have been net sellers recently—directors sold large blocks (William J. Quinn sold 512,429 shares; Aron Marquez sold 7,750) and insiders disposed of 3,130,066 shares worth roughly $58.8 million over the past 90 days, while institutional ownership remains high at 91.84%.
• Permian has a consensus Buy rating with an average target of $22.06 and several firms raising targets (Wells Fargo $27, Citi $26); the company beat Q4 EPS estimates ($0.37 vs $0.28), missed on revenue, and raised its quarterly dividend to $0.16 (3.1% yield).

Oak Ridge Investments LLC cut its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 33.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 111,190 shares of the company's stock after selling 56,012 shares during the period. Oak Ridge Investments LLC's holdings in Permian Resources were worth $1,560,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PR. Farther Finance Advisors LLC grew its position in shares of Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company's stock valued at $25,000 after acquiring an additional 1,047 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Permian Resources by 340.8% in 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 during the period. FNY Investment Advisers LLC bought a new position in Permian Resources in the 4th quarter valued at $60,000. Allworth Financial LP lifted its holdings 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 worth $82,000 after acquiring an additional 1,015 shares during the last quarter. Finally, Rakuten Securities Inc. lifted its holdings in shares of Permian Resources by 237.6% during the 2nd quarter. Rakuten Securities Inc. now owns 7,106 shares of the company's stock worth $97,000 after acquiring an additional 5,001 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PR has been the topic of a number of analyst reports. Susquehanna decreased their target price on shares of Permian Resources from $20.00 to $18.00 and set a "positive" rating on the stock in a research report on Monday, January 26th. Citigroup boosted their price objective on shares of Permian Resources from $21.00 to $26.00 and gave the company a "buy" rating in a research report on Tuesday, March 31st. Weiss Ratings upgraded shares of Permian Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, March 6th. Wells Fargo & Company boosted their price target on shares of Permian Resources from $21.00 to $27.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Truist Financial initiated coverage on shares of Permian Resources in a report on Tuesday, March 24th. They issued a "buy" rating and a $24.00 price objective on the stock. Six research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Permian Resources presently has a consensus rating of "Buy" and an average target price of $22.06.

Permian Resources Stock Down 0.6%

Shares of PR stock opened at $20.54 on Tuesday. Permian Resources Corporation has a 12 month low of $10.86 and a 12 month high of $21.99. The stock has a market cap of $17.17 billion, a P/E ratio of 16.43, a P/E/G ratio of 2.85 and a beta of 0.56. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. The company has a 50 day simple moving average of $19.02 and a two-hundred day simple moving average of $15.59.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.09. The firm had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The company's revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 earnings per share. On average, research analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. This is a boost from Permian Resources's previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, March 17th. Permian Resources's dividend payout ratio (DPR) is currently 51.20%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director Aron Marquez sold 7,750 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total transaction of $152,055.00. Following the sale, the director directly owned 72,218 shares in the company, valued at $1,416,917.16. This represents a 9.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director William J. Quinn sold 512,429 shares of the firm's 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 sale, the director 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 position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 3,130,066 shares of company stock valued at $58,837,655. Corporate insiders own 12.80% 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.