Permian Resources Corporation $PR Holdings Decreased by Empirical Finance LLC

Key Points

• Empirical Finance cut its Permian Resources stake by 53.5% in the second quarter, selling 42,225 shares and retaining 36,644 shares worth approximately $675,000. Despite this reduction, institutional investors and hedge funds own 91.84% of the company.
• Permian Resources reported a strong quarter, with earnings per share of $0.69 beating estimates by $0.10 and revenue of $1.86 billion exceeding forecasts. Revenue increased 55.1% year over year.
• The company declared a quarterly dividend of $0.16 per share, equivalent to an annualized $0.64 payout and a 2.7% yield. Analysts remain broadly bullish, with 19 of 22 ratings at Buy or Strong Buy and an average price target of $24.

Empirical Finance LLC lessened its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 53.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,644 shares of the company's stock after selling 42,225 shares during the period. Empirical Finance LLC's holdings in Permian Resources were worth $675,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Permian Resources in the 2nd quarter worth approximately $1,782,000. California State Teachers Retirement System raised its holdings in Permian Resources by 1,885.1% during the second quarter. California State Teachers Retirement System now owns 16,229,501 shares of the company's stock worth $298,785,000 after purchasing an additional 15,411,935 shares in the last quarter. Readystate Asset Management LP lifted its position in Permian Resources by 155.2% in the second quarter. Readystate Asset Management LP now owns 496,281 shares of the company's stock worth $9,137,000 after purchasing an additional 301,791 shares during the period. Wedmont Private Capital boosted its stake in Permian Resources by 23.4% during the 2nd quarter. Wedmont Private Capital now owns 13,396 shares of the company's stock valued at $257,000 after purchasing an additional 2,536 shares in the last quarter. Finally, HB Wealth Management LLC increased its position in shares of Permian Resources by 39.7% during the 2nd quarter. HB Wealth Management LLC now owns 29,245 shares of the company's stock valued at $538,000 after purchasing an additional 8,304 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Trading Up 0.5%

Shares of NYSE PR opened at $23.73 on Friday. The business has a 50 day simple moving average of $21.43 and a 200 day simple moving average of $20.37. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $24.20. The stock has a market cap of $19.88 billion, a price-to-earnings ratio of 15.72 and a beta of 0.49. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company's revenue for the quarter was up 55.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.28 earnings per share. On average, research analysts predict that Permian Resources Corporation will post 2.27 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.16 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.7%. Permian Resources's dividend payout ratio (DPR) is currently 42.38%.

Insider Activity at Permian Resources

In related news, EVP Robert Shannon sold 5,104 shares of Permian Resources stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,220.00. Following the completion of the sale, the executive vice president owned 1,346,698 shares of the company's stock, valued at approximately $31,984,077.50. The trade was a 0.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $130,435.00. Following the transaction, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 15,699 shares of company stock valued at $372,851. Insiders own 5.00% of the company's stock.

Wall Street Analyst Weigh In

PR has been the subject of several research reports. Roth Capital set a $23.00 price objective on shares of Permian Resources and gave the company a "buy" rating in a research report on Monday, June 22nd. UBS Group dropped their price target on Permian Resources from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Friday, July 17th. Evercore assumed coverage on Permian Resources in a report on Tuesday, June 23rd. They issued an "outperform" rating and a $25.00 target price on the stock. Seaport Research Partners assumed coverage on Permian Resources in a research report on Thursday, September 3rd. They issued a "buy" rating and a $29.00 price target for the company. Finally, Stifel Nicolaus began coverage on Permian Resources in a report on Thursday. They set a "buy" rating and a $30.00 price objective on the stock. Six research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $24.00.

Permian Resources Company Profile

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company's production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.

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