Permian Resources Corporation $PR Stake Trimmed by Riverstone Holdings LLC

Key Points

• Riverstone Holdings cut its Permian Resources stake by 21.8% in the fourth quarter, selling 275,063 shares and leaving it with 988,915 shares valued at about $13.9 million.
• Permian Resources reported better-than-expected quarterly earnings of $0.39 per share, though revenue of $1.39 billion came in slightly below estimates. The company also lifted revenue 0.9% year over year.
• The company declared a quarterly dividend of $0.16 per share, or $0.64 annually, for a yield of about 3.4%, while analysts currently rate the stock a consensus Moderate Buy with a target price of $22.69.

Riverstone Holdings LLC lowered its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 21.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 988,915 shares of the company's stock after selling 275,063 shares during the quarter. Permian Resources makes up 40.7% of Riverstone Holdings LLC's investment portfolio, making the stock its 2nd largest holding. Riverstone Holdings LLC owned about 0.12% of Permian Resources worth $13,874,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of PR. Bank of New York Mellon Corp increased its stake in Permian Resources by 115.5% in the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock worth $352,906,000 after purchasing an additional 13,483,136 shares in the last quarter. Boston Partners increased its stake in Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company's stock worth $222,099,000 after purchasing an additional 7,503,654 shares in the last quarter. Vanguard Group Inc. increased its stake in Permian Resources by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company's stock worth $914,733,000 after purchasing an additional 6,705,644 shares in the last quarter. Millennium Management LLC increased its stake in Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company's stock worth $126,081,000 after purchasing an additional 6,678,814 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Permian Resources by 20.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company's stock worth $346,919,000 after purchasing an additional 4,691,280 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Down 1.2%

Shares of Permian Resources stock opened at $18.67 on Wednesday. The firm has a market cap of $15.64 billion, a price-to-earnings ratio of 21.71 and a beta of 0.48. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67. The stock has a 50-day simple moving average of $20.22 and a 200-day simple moving average of $17.83.

Permian Resources (NYSE:PR - Get Free Report) last announced 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 business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the company earned $0.44 EPS. The firm's revenue was up .9% on a year-over-year basis. On average, equities research analysts expect that Permian Resources Corporation will post 2.01 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources's payout ratio is currently 74.42%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PR shares. Morgan Stanley reissued an "overweight" rating on shares of Permian Resources in a research note on Friday, March 27th. Roth Mkm reissued a "neutral" rating and issued a $22.00 price target (up from $20.00) on shares of Permian Resources in a research note on Wednesday, April 8th. TD Cowen raised their price objective on Permian Resources from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, March 17th. Zacks Research lowered Permian Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 22nd. Finally, Scotiabank raised their price objective on Permian Resources from $21.00 to $25.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 22nd. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.69.

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources 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 transaction, the executive vice president directly owned 542,503 shares of the company's stock, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 5.00% of the stock is currently owned by corporate insiders.

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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