Permian Resources Corporation $PR Shares Sold by Palo Duro Investment Partners LP

Key Points

• Palo Duro Investment Partners LP has decreased its stake in Permian Resources Corporation by 15.3%, selling 299,080 shares, which now makes up 7.0% of their portfolio.
• Permian Resources has seen a mix of institutional activity, with firms like Allworth Financial LP increasing holdings by 376.7% during the same period.
• Wall Street analysts remain optimistic, with several firms raising their price targets and maintaining a consensus "Buy" rating for Permian Resources, suggesting a price target around $18.47.

Palo Duro Investment Partners LP cut its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 15.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,660,784 shares of the company's stock after selling 299,080 shares during the period. Permian Resources comprises approximately 7.0% of Palo Duro Investment Partners LP's holdings, making the stock its 4th biggest position. Palo Duro Investment Partners LP owned 0.21% of Permian Resources worth $23,002,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PR. Mercer Global Advisors Inc. ADV lifted its holdings in Permian Resources by 22.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 19,116 shares of the company's stock worth $275,000 after acquiring an additional 3,507 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Permian Resources by 34.5% during the 4th quarter. Ameriprise Financial Inc. now owns 4,329,757 shares of the company's stock worth $62,261,000 after purchasing an additional 1,111,754 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of Permian Resources during the 4th quarter worth approximately $23,362,000. Cetera Investment Advisers lifted its holdings in shares of Permian Resources by 28.8% in the 4th quarter. Cetera Investment Advisers now owns 57,596 shares of the company's stock worth $828,000 after purchasing an additional 12,868 shares during the last quarter. Finally, Crestline Management LP lifted its holdings in shares of Permian Resources by 222.4% in the 4th quarter. Crestline Management LP now owns 97,874 shares of the company's stock worth $1,407,000 after purchasing an additional 67,512 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of NYSE PR traded down $0.28 during mid-day trading on Thursday, reaching $13.94. 8,238,815 shares of the company traded hands, compared to its average volume of 10,057,307. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The firm has a market cap of $11.16 billion, a PE ratio of 9.05 and a beta of 1.42. The stock has a fifty day simple moving average of $13.79 and a 200-day simple moving average of $13.29. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63.

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

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.3%. Permian Resources's dividend payout ratio (DPR) is 38.96%.

Insider Activity at Permian Resources

In related news, EVP Robert Regan Shannon sold 4,742 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. The trade was a 4.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Charles Bell sold 4,743 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the transaction, the executive vice president directly owned 107,569 shares in the company, valued at $1,528,555.49. This represents a 4.22% decrease in their position. The disclosure for this sale can be found here. Insiders own 6.44% of the company's stock.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of recent research reports. Morgan Stanley upped their price objective on Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Piper Sandler boosted their price target on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. William Blair assumed coverage on shares of Permian Resources in a report on Monday, August 25th. They issued an "outperform" rating on the stock. Raymond James Financial cut their price objective on shares of Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating on the stock in a research report on Tuesday, September 2nd. Finally, Wall Street Zen lowered shares of Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Permian Resources currently has an average rating of "Buy" and an average target price of $18.47.

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.