Riverstone Holdings LLC Reduces Holdings in Permian Resources Corporation $PR

Key Points

• Riverstone Holdings cut its stake in Permian Resources by 96.8% in Q3, selling 37,923,886 shares and leaving it with 1,263,978 shares (about $16.18M), while Permian still represents roughly 49.4% of Riverstone’s holdings.
• Heavy insider selling: insiders have sold 4,765,093 shares worth about $77.8M over the past 90 days, including CEO William M. Hickey III selling 898,423 shares (~$16.5M) and Director William J. Quinn selling 800,000 shares (~$15.3M).
• Dividend increase and mixed results: Permian raised its quarterly dividend to $0.16 (annualized $0.64, ~3.3% yield); the company beat EPS estimates ($0.37 vs. $0.28) but reported a 9.8% year-over-year decline in quarterly revenue.

Riverstone Holdings LLC reduced its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 96.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,263,978 shares of the company's stock after selling 37,923,886 shares during the quarter. Permian Resources accounts for about 49.4% of Riverstone Holdings LLC's holdings, making the stock its 2nd biggest position. Riverstone Holdings LLC owned approximately 0.16% of Permian Resources worth $16,179,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Chilton Capital Management LLC lifted its position in Permian Resources by 3.5% in the 3rd quarter. Chilton Capital Management LLC now owns 23,668 shares of the company's stock valued at $303,000 after acquiring an additional 800 shares in the last quarter. SCS Capital Management LLC increased its holdings in Permian Resources by 0.6% during the 2nd quarter. SCS Capital Management LLC now owns 141,205 shares of the company's stock worth $1,923,000 after purchasing an additional 870 shares in the last quarter. Inscription Capital LLC increased its holdings in Permian Resources by 3.5% during the 3rd quarter. Inscription Capital LLC now owns 28,219 shares of the company's stock worth $361,000 after purchasing an additional 948 shares in the last quarter. Rothschild Investment LLC raised its stake in shares of Permian Resources by 7.1% in the third quarter. Rothschild Investment LLC now owns 14,651 shares of the company's stock worth $188,000 after purchasing an additional 974 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of Permian Resources by 3.8% in the second quarter. ProShare Advisors LLC now owns 28,278 shares of the company's stock worth $385,000 after purchasing an additional 1,025 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

PR stock opened at $19.34 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. The firm has a market cap of $16.04 billion, a PE ratio of 15.47 and a beta of 0.66. The business has a 50 day moving average of $16.49 and a 200-day moving average of $14.58. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $19.64.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the company posted $0.36 earnings per share. Permian Resources's quarterly revenue was down 9.8% compared to the same quarter last year. As a group, sell-side analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, March 17th. This is a positive change from Permian Resources's previous quarterly dividend of $0.15. Permian Resources's dividend payout ratio (DPR) is presently 48.00%.

Insider Activity at Permian Resources

In related news, CEO William M. Hickey III sold 898,423 shares of the business's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $16,513,014.74. Following the transaction, the chief executive officer directly owned 9,389,405 shares of the company's stock, valued at approximately $172,577,263.90. The trade was a 8.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William J. Quinn sold 800,000 shares of the stock in a transaction dated 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 transaction, the director owned 7,426,839 shares of the company's stock, valued at approximately $142,223,966.85. The trade was a 9.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 4,765,093 shares of company stock worth $77,807,101. 6.44% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PR has been the topic of several analyst reports. Morgan Stanley cut their target price on Permian Resources from $19.00 to $18.00 and set an "overweight" rating on the stock in a research report on Friday, January 23rd. Citigroup increased their price target on Permian Resources from $17.00 to $21.00 and gave the company a "buy" rating in a research report on Friday, March 6th. Zacks Research upgraded Permian Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, February 18th. Wall Street Zen raised shares of Permian Resources from a "sell" rating to a "hold" rating in a report on Saturday, November 15th. Finally, Piper Sandler upped their target price on shares of Permian Resources from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Permian Resources currently has a consensus rating of "Moderate Buy" and an average target price of $20.42.

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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