Permian Resources Corporation $PR Shares Bought by Whittier Trust Co.

Key Points

• Whittier Trust increased its stake in Permian Resources by 10.7% in Q4 to 536,862 shares (about $7.31M), while institutional investors collectively own roughly 91.84% of the company.
• Permian beat Q4 EPS expectations ($0.37 vs. $0.28) but missed on revenue ($1.17B vs. $1.32B) with revenue down 9.8% year-over-year, and the company raised its quarterly dividend to $0.16 (annualized $0.64, ~3.3% yield).
• There has been material insider selling

Whittier Trust Co. lifted its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 10.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 536,862 shares of the company's stock after acquiring an additional 51,807 shares during the quarter. Whittier Trust Co. owned 0.06% of Permian Resources worth $7,312,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Farther Finance Advisors LLC increased its position in shares of Permian Resources by 114.1% during the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company's stock worth $25,000 after acquiring an additional 1,047 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock worth $57,000 after acquiring an additional 3,224 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Permian Resources during the fourth quarter worth $60,000. Allworth Financial LP increased its position in shares of Permian Resources by 18.7% during the third 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 period. Finally, Rakuten Securities Inc. increased its position in shares of Permian Resources by 237.6% during the second 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 period. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Performance

NYSE:PR opened at $19.39 on Friday. The firm has a market capitalization of $16.22 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 2.75 and a beta of 0.56. The business's fifty day moving average price is $19.30 and its 200 day moving average price is $15.74. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. Permian Resources Corporation has a 12 month low of $11.44 and a 12 month high of $21.99.

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

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, March 17th. This is a positive change from Permian Resources's previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. Permian Resources's dividend payout ratio is 51.20%.

Insider Activity at Permian Resources

In other Permian Resources news, CEO William M. Hickey III sold 898,423 shares of the firm's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $16,513,014.74. Following the transaction, the chief executive officer owned 9,389,405 shares of the company's stock, valued at approximately $172,577,263.90. This trade represents a 8.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO James H. Walter sold 673,425 shares of the firm's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $12,377,551.50. Following the transaction, the chief executive officer directly owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. The trade was a 6.69% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 3,130,066 shares of company stock valued at $58,837,655. Corporate insiders own 6.44% of the company's stock.

Analyst Upgrades and Downgrades

PR has been the topic of a number of recent research reports. BMO Capital Markets raised Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 7th. Bank of America reissued a "neutral" rating and issued a $16.00 target price (down from $17.00) on shares of Permian Resources in a report on Friday, January 16th. Scotiabank raised Permian Resources to a "strong-buy" rating in a report on Friday, March 27th. TD Cowen increased their target price on Permian Resources from $20.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, March 17th. Finally, Zacks Research raised Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Friday, March 27th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $22.13.

Permian Resources Company 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.

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