Permian Resources Corporation $PR Shares Sold by Yaupon Capital Management LP

Key Points

• Yaupon Capital Management LP reduced its holdings in Permian Resources Corporation by 36.9%, owning approximately 1,982,187 shares after selling 1,157,900 shares during the first quarter.
• Research analysts have varying ratings for Permian Resources, with Goldman Sachs increasing their target price to $16.00 and assigning a "buy" rating, while Wall Street Zen downgraded it to "sell."
• Permian Resources recently declared a quarterly dividend of $0.15 per share, yielding 4.4%, with an ex-dividend date of September 16th.

Yaupon Capital Management LP lowered its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 36.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,982,187 shares of the company's stock after selling 1,157,900 shares during the quarter. Permian Resources comprises 1.4% of Yaupon Capital Management LP's holdings, making the stock its 16th largest holding. Yaupon Capital Management LP owned 0.25% of Permian Resources worth $27,453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Permian Resources during the fourth quarter valued at about $431,676,000. Dimensional Fund Advisors LP boosted its holdings in Permian Resources by 19.4% in the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company's stock worth $195,276,000 after acquiring an additional 2,286,363 shares in the last quarter. Nuveen LLC acquired a new stake in Permian Resources in the first quarter worth about $175,525,000. Invesco Ltd. boosted its holdings in Permian Resources by 8.9% in the first quarter. Invesco Ltd. now owns 8,622,575 shares of the company's stock worth $119,423,000 after acquiring an additional 701,825 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in Permian Resources by 56.7% in the first quarter. Millennium Management LLC now owns 7,578,553 shares of the company's stock worth $104,963,000 after acquiring an additional 2,743,272 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Performance

PR stock traded down $0.25 during trading on Friday, hitting $13.70. 6,721,651 shares of the company traded hands, compared to its average volume of 8,764,145. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33. The stock's 50-day simple moving average is $13.78 and its 200 day simple moving average is $13.29. The company has a market cap of $10.97 billion, a PE ratio of 8.90 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period last year, the company earned $0.39 earnings per share. Permian Resources's quarterly revenue was down 3.9% compared to the same quarter last year. On average, equities analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, September 16th. Permian Resources's dividend payout ratio (DPR) is presently 38.96%.

Wall Street Analysts Forecast Growth

PR has been the subject of several recent analyst reports. Royal Bank Of Canada reissued an "outperform" rating and issued a $17.00 price target on shares of Permian Resources in a report on Tuesday, September 2nd. Wall Street Zen cut Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Piper Sandler raised their price objective on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Raymond James Financial reduced their price objective on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a research note on Tuesday, September 2nd. Finally, Morgan Stanley raised their price objective on Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Permian Resources has a consensus rating of "Buy" and an average target price of $18.47.

Insider Activity at Permian Resources

In other news, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the sale, the executive vice president directly owned 107,569 shares of the company's stock, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the sale, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.44% of the stock is currently owned by company insiders.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.