Permian Resources Corporation $PR Stock Position Lessened by Leeward Investments LLC MA

Key Points

• Leeward Investments LLC MA trimmed its Permian Resources stake by 2.6% in the fourth quarter, though it still held nearly 2.0 million shares worth about $28.0 million at quarter-end.
• Insider selling has been notable, including a large sale by CEO William M. Hickey III and additional sales by Director Jeffrey Tepper; insiders sold about 3.13 million shares last quarter in total.
• Wall Street remains generally bullish: Permian Resources has an average Buy rating, a consensus price target of $22.38, and recently reported quarterly earnings that slightly beat expectations.

Leeward Investments LLC MA lessened its position in Permian Resources Corporation (NYSE:PR - Free Report) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,997,006 shares of the company's stock after selling 53,064 shares during the quarter. Permian Resources makes up 1.4% of Leeward Investments LLC MA's investment portfolio, making the stock its 10th largest holding. Leeward Investments LLC MA owned approximately 0.24% of Permian Resources worth $28,018,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ruffer LLP purchased a new stake in shares of Permian Resources in the 3rd quarter valued at $2,608,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Permian Resources by 8.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company's stock valued at $236,207,000 after buying an additional 1,421,059 shares during the period. Grantham Mayo Van Otterloo & Co. LLC raised its holdings in shares of Permian Resources by 24.7% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,263,570 shares of the company's stock valued at $169,774,000 after buying an additional 2,628,744 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of Permian Resources by 101.0% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company's stock valued at $6,920,000 after buying an additional 271,668 shares during the period. Finally, SCP Investment LP raised its holdings in shares of Permian Resources by 225.0% in the 3rd quarter. SCP Investment LP now owns 93,600 shares of the company's stock valued at $1,198,000 after buying an additional 64,800 shares during the period. Hedge funds and other institutional investors own 91.84% of the company's stock.

Insiders Place Their Bets

In other news, CEO William M. Hickey III sold 898,423 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $16,513,014.74. Following the transaction, the chief executive officer owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. This represents a 8.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeffrey Tepper sold 50,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $19.38, for a total value of $969,000.00. Following the completion of the transaction, the director owned 150,546 shares in the company, valued at approximately $2,917,581.48. The trade was a 24.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 3,130,066 shares of company stock worth $58,837,655. 5.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Royal Bank Of Canada boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Monday, March 2nd. Piper Sandler upped their price target on Permian Resources from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Susquehanna cut their price target on Permian Resources from $20.00 to $18.00 and set a "positive" rating on the stock in a report on Monday, January 26th. The Goldman Sachs Group upped their price target on Permian Resources from $17.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, March 11th. Finally, BMO Capital Markets upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 7th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $22.38.

Permian Resources Price Performance

Shares of NYSE PR opened at $20.22 on Friday. The stock's 50-day moving average is $20.30 and its two-hundred day moving average is $16.76. 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 1-year low of $11.92 and a 1-year high of $22.67. The company has a market cap of $16.91 billion, a price-to-earnings ratio of 23.52, a price-to-earnings-growth ratio of 1.11 and a beta of 0.52.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping 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 the consensus estimate of $1.41 billion. During the same quarter in the prior year, the business earned $0.44 EPS. Permian Resources's revenue was up .9% on a year-over-year basis. Analysts forecast that Permian Resources Corporation will post 1.97 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a $0.16 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. Permian Resources's dividend payout ratio is presently 74.42%.

Permian Resources 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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