SG Americas Securities LLC Cuts Stake in Permian Resources Corporation $PR

Key Points

• SG Americas Securities LLC cut its Permian Resources stake by 48.2% in the first quarter, leaving it with 192,765 shares valued at about $4.11 million.
• Insider selling also appeared in the stock, with EVP Guy M. Oliphint selling 62,769 shares on May 21, reducing his ownership by 10.37%.
• Permian Resources reported Q1 earnings of $0.39 per share, slightly beating estimates, and recently declared a quarterly dividend of $0.16 per share, which annualizes to a 3.5% yield.

SG Americas Securities LLC lowered its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 48.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 192,765 shares of the company's stock after selling 179,063 shares during the period. SG Americas Securities LLC's holdings in Permian Resources were worth $4,110,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Grantham Mayo Van Otterloo & Co. LLC grew its position 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 worth $169,774,000 after buying an additional 2,628,744 shares during the last quarter. Horizon Investments LLC lifted its stake in Permian Resources by 80.8% in the fourth quarter. Horizon Investments LLC now owns 420,448 shares of the company's stock worth $5,899,000 after acquiring an additional 187,903 shares during the period. UBS Group AG lifted its stake in Permian Resources by 39.5% in the fourth quarter. UBS Group AG now owns 6,560,632 shares of the company's stock worth $92,046,000 after acquiring an additional 1,858,992 shares during the period. Jennison Associates LLC boosted its holdings in Permian Resources by 2.8% in the fourth quarter. Jennison Associates LLC now owns 3,818,742 shares of the company's stock valued at $53,577,000 after acquiring an additional 105,396 shares in the last quarter. Finally, HighTower Advisors LLC boosted its holdings in Permian Resources by 55.2% in the fourth quarter. HighTower Advisors LLC now owns 259,403 shares of the company's stock valued at $3,639,000 after acquiring an additional 92,309 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares of the company's stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 5.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on PR. Weiss Ratings lowered shares of Permian Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, May 12th. KeyCorp began coverage on shares of Permian Resources in a research note on Tuesday, April 7th. They set an "overweight" rating and a $25.00 target price on the stock. TD Cowen boosted their price target on shares of Permian Resources from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Tuesday, March 17th. Wells Fargo & Company set a $26.00 price target on shares of Permian Resources in a research note on Monday, May 25th. Finally, Scotiabank raised their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 22nd. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Permian Resources presently has an average rating of "Buy" and a consensus target price of $23.53.

Permian Resources Trading Down 1.2%

NYSE:PR opened at $18.50 on Tuesday. The stock has a market cap of $15.49 billion, a price-to-earnings ratio of 21.51 and a beta of 0.48. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The company's 50 day moving average price is $19.89 and its 200-day moving average price is $18.08. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $1.41 billion. During the same period in the prior year, the firm posted $0.44 EPS. The firm's quarterly revenue was up .9% on a year-over-year basis. On average, equities research analysts forecast that Permian Resources Corporation will post 2 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, June 16th. 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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