Permian Resources Corporation $PR Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP slightly reduced its stake in Permian Resources by 1.0% in the first quarter, but still held 31.3 million shares valued at about $667.7 million.
• Permian Resources reported Q1 earnings of $0.39 per share, topping estimates by a penny, while revenue came in at $1.39 billion, just below analyst expectations.
• The company continues to draw bullish analyst coverage, with a consensus rating of “Buy” and an average price target of $23.29; it also pays a quarterly dividend of $0.16 per share, yielding about 3.2% annualized.

Dimensional Fund Advisors LP trimmed its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 1.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,318,472 shares of the company's stock after selling 317,100 shares during the quarter. Dimensional Fund Advisors LP owned about 3.75% of Permian Resources worth $667,723,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. SHP Wealth Management bought a new position in shares of Permian Resources in the fourth quarter valued at approximately $27,000. SJS Investment Consulting Inc. raised its holdings in Permian Resources by 1,862.5% during the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock worth $30,000 after purchasing an additional 1,341 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Permian Resources during the fourth quarter worth approximately $39,000. State of Wyoming lifted its position in Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company's stock worth $41,000 after purchasing an additional 1,640 shares during the period. Finally, Cedar Mountain Advisors LLC acquired a new stake in Permian Resources in the first quarter worth approximately $48,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Trading Down 0.0%

Shares of NYSE:PR opened at $20.20 on Monday. The stock has a market capitalization of $16.91 billion, a price-to-earnings ratio of 23.49 and a beta of 0.46. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $22.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The company has a 50 day moving average price of $19.44 and a 200 day moving average price of $18.56.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same quarter in the prior year, the company earned $0.44 earnings per share. The firm's revenue was up .9% on a year-over-year basis. On average, research analysts anticipate that Permian Resources Corporation will post 1.93 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. Permian Resources's payout ratio is 74.42%.

Wall Street Analysts Forecast Growth

PR has been the topic of several research analyst reports. Evercore started coverage on Permian Resources in a research report on Tuesday, June 23rd. They set an "outperform" rating and a $25.00 price target on the stock. Citigroup cut their price objective on Permian Resources from $26.00 to $24.00 and set a "buy" rating for the company in a report on Wednesday, July 15th. Mizuho raised their target price on Permian Resources from $26.00 to $27.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. KeyCorp started coverage on Permian Resources in a research note on Tuesday, April 7th. They set an "overweight" rating and a $25.00 target price for the company. Finally, Roth Capital set a $23.00 target price on Permian Resources and gave the stock a "buy" rating in a report on Monday, June 22nd. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $23.29.

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the company's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the sale, the executive vice president directly owned 542,503 shares of the company's stock, valued at $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.00% of the stock is currently owned by corporate insiders.

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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