Permian Resources Corporation $PR Shares Sold by South Street Advisors LLC

Key Points

• South Street Advisors LLC cut its Permian Resources stake by 12.4% in the fourth quarter, selling 108,730 shares and leaving it with 765,613 shares worth about $10.7 million.
• Several insiders also sold shares recently, including EVP Guy M. Oliphint and Director William J. Quinn; insiders sold 3.19 million shares in the last quarter, though they still own 5% of the company.
• Permian Resources reported quarterly EPS of $0.39, slightly above estimates, and announced a $0.16 quarterly dividend yielding about 3.3%. Analysts remain mostly positive, with a consensus rating of Moderate Buy and an average price target of $22.69.

South Street Advisors LLC decreased its position in Permian Resources Corporation (NYSE:PR - Free Report) by 12.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 765,613 shares of the company's stock after selling 108,730 shares during the period. Permian Resources makes up about 1.5% of South Street Advisors LLC's portfolio, making the stock its 27th biggest holding. South Street Advisors LLC owned about 0.09% of Permian Resources worth $10,742,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of Permian Resources in the fourth quarter worth about $90,000. Savant Capital LLC raised its stake in shares of Permian Resources by 59.2% during the 4th quarter. Savant Capital LLC now owns 20,647 shares of the company's stock worth $290,000 after buying an additional 7,680 shares during the period. Geode Capital Management LLC increased its holdings in Permian Resources by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 13,291,523 shares of the company's stock worth $186,534,000 after acquiring an additional 382,777 shares in the last quarter. King Luther Capital Management Corp raised its position in shares of Permian Resources by 2.8% during the 4th quarter. King Luther Capital Management Corp now owns 5,422,559 shares of the company's stock worth $76,079,000 after purchasing an additional 146,836 shares during the last quarter. Finally, Steel Grove Capital Advisors LLC acquired a new stake in Permian Resources in the 4th quarter valued at about $184,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Activity

In related news, EVP Guy M. Oliphint sold 62,769 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, 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 through this hyperlink. Also, Director William J. Quinn sold 800,000 shares of the company's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the completion of the transaction, the director owned 7,426,839 shares of the company's stock, valued at $142,223,966.85. This represents a 9.72% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 3,192,835 shares of company stock valued at $60,120,653. Insiders own 5.00% of the company's stock.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $19.33 on Friday. Permian Resources Corporation has a one year low of $11.92 and a one year high of $22.67. The company has a market cap of $16.19 billion, a PE ratio of 22.48 and a beta of 0.52. 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 business has a 50-day simple moving average of $20.56 and a 200-day simple moving average of $17.30.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company's revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 earnings per share. On average, equities research analysts forecast that Permian Resources Corporation will post 2 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a dividend of $0.16 per share. The ex-dividend date is Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. Permian Resources's payout ratio is presently 74.42%.

Analysts Set New Price Targets

PR has been the subject of a number of recent analyst reports. Truist Financial raised their price objective on Permian Resources from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday, April 14th. Morgan Stanley restated an "overweight" rating on shares of Permian Resources in a research note on Friday, March 27th. Citigroup boosted their price target on shares of Permian Resources from $21.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, March 31st. TD Cowen boosted their price target on shares of Permian Resources from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, March 17th. Finally, Wells Fargo & Company set a $26.00 price target on shares of Permian Resources in a research note on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.69.

About Permian Resources

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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