Permian Resources Corporation $PR Shares Sold by Perpetual Ltd

Key Points

• Perpetual Ltd cut its Permian Resources stake by 7% in the third quarter, selling 92,914 shares and retaining 1.23 million shares valued at approximately $26 million. Institutional investors collectively own 91.84% of the company.
• Permian Resources reported strong quarterly results, with EPS of $0.69 versus the $0.59 analyst consensus and revenue of $1.86 billion, up 55.1% year over year. The company also pays a quarterly dividend of $0.16 per share, equal to a 2.7% annualized yield.
• Analyst sentiment remains positive: multiple firms raised their price targets or ratings, and the stock has a consensus “Buy” rating with an average target of $25.28, compared with a recent price of $23.39.

Perpetual Ltd lessened its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 7.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,231,631 shares of the company's stock after selling 92,914 shares during the period. Perpetual Ltd owned about 0.15% of Permian Resources worth $26,012,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in Permian Resources by 3.9% in the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company's stock worth $371,074,000 after purchasing an additional 763,059 shares during the period. Jennison Associates LLC boosted its stake in shares of Permian Resources by 63.1% during the first quarter. Jennison Associates LLC now owns 6,230,034 shares of the company's stock valued at $132,824,000 after purchasing an additional 2,411,292 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Permian Resources during the first quarter valued at approximately $121,041,000. First Trust Advisors LP boosted its stake in shares of Permian Resources by 66.6% during the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company's stock valued at $118,636,000 after purchasing an additional 2,224,560 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of Permian Resources by 1.8% in the first quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company's stock worth $100,911,000 after purchasing an additional 85,509 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Up 1.6%

Shares of NYSE:PR opened at $23.39 on Tuesday. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $24.65. The company has a market cap of $19.59 billion, a PE ratio of 15.49 and a beta of 0.66. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The stock's 50-day moving average is $22.47 and its 200 day moving average is $20.90.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the company posted $0.28 EPS. Permian Resources's quarterly revenue was up 55.1% compared to the same quarter last year. Sell-side analysts anticipate that Permian Resources Corporation will post 2.28 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. Permian Resources's payout ratio is 42.38%.

Insider Activity at Permian Resources

In related news, EVP Robert Shannon sold 5,104 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the transaction, the executive vice president owned 1,346,698 shares in the company, valued at $31,984,077.50. This represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy Oliphint sold 5,103 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the sale, the executive vice president directly owned 537,400 shares of the company's stock, valued at $12,763,250. The trade was a 0.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 15,699 shares of company stock worth $372,851 over the last quarter. 5.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PR shares. UBS Group lifted their target price on shares of Permian Resources from $24.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday, September 14th. KeyCorp upped their price target on shares of Permian Resources from $25.00 to $28.00 and gave the company an "overweight" rating in a report on Tuesday, September 15th. Mizuho raised shares of Permian Resources to a "strong-buy" rating in a research report on Friday, July 31st. Zacks Research raised shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 6th. Finally, Wall Street Zen raised shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 8th. Six investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $25.28.

About Permian Resources

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.

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