Permian Resources Corporation (NYSE:PR) Shares Sold by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp reduced its stake in Permian Resources Corporation (NYSE:PR) by 4.1%, now holding approximately 0.65% of the company valued at $72.7 million after selling 224,766 shares.
• Permian Resources reported quarterly earnings of $0.27 per share, meeting analysts' expectations, but saw a 3.9% decline in revenue compared to the same quarter last year, totaling $1.20 billion.
• The company recently declared a quarterly dividend of $0.15 per share, with an annualized yield of 4.5% and a payout ratio of 38.96%.

King Luther Capital Management Corp trimmed its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 4.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,249,873 shares of the company's stock after selling 224,766 shares during the quarter. King Luther Capital Management Corp owned approximately 0.65% of Permian Resources worth $72,711,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PR. Allworth Financial LP grew its holdings in shares of Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after buying an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC purchased a new position in shares of Permian Resources during the first quarter valued at $30,000. RE Dickinson Investment Advisors LLC purchased a new position in shares of Permian Resources during the fourth quarter valued at $41,000. Tsfg LLC purchased a new position in shares of Permian Resources during the first quarter valued at $46,000. Finally, Hexagon Capital Partners LLC grew its holdings in shares of Permian Resources by 30.8% during the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock valued at $54,000 after buying an additional 921 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Price Performance

Shares of NYSE:PR opened at $13.25 on Friday. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The business has a 50-day moving average of $13.89 and a two-hundred day moving average of $13.42. The stock has a market capitalization of $10.65 billion, a P/E ratio of 8.60 and a beta of 1.32. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.86.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting analysts' consensus estimates of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The business's quarterly revenue was down 3.9% compared to the same quarter last year. On average, equities research analysts predict that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.5%. Permian Resources's payout ratio is currently 38.96%.

Analyst Ratings Changes

PR has been the topic of a number of research analyst reports. Susquehanna lifted their price target on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Raymond James Financial reiterated a "strong-buy" rating and set a $23.00 price target (up previously from $20.00) on shares of Permian Resources in a report on Monday, May 19th. TD Cowen upgraded Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Royal Bank Of Canada lifted their price target on Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Friday, May 16th. Finally, UBS Group boosted their target price on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Two research analysts have rated the stock with a sell rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.47.

About Permian Resources

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.

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