Truist Financial Corp Sells 154,311 Shares of Permian Resources Corporation $PR

Key Points

• Truist Financial slashed its Permian Resources stake by 83.3% in the fourth quarter, selling 154,311 shares and leaving it with 30,831 shares worth about $433,000.
• Permian Resources reported Q1 earnings of $0.39 per share, edging past expectations, while revenue came in at $1.39 billion and full-year EPS is projected at 1.98.
• The company declared a quarterly dividend of $0.16 per share payable June 30, and analysts remain broadly positive with a consensus Buy rating and an average price target of $22.38.

Truist Financial Corp cut its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 83.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,831 shares of the company's stock after selling 154,311 shares during the quarter. Truist Financial Corp's holdings in Permian Resources were worth $433,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PR. SevenBridge Financial Group LLC raised its holdings in shares of Permian Resources by 7.9% in the fourth quarter. SevenBridge Financial Group LLC now owns 284,709 shares of the company's stock valued at $4,202,000 after purchasing an additional 20,771 shares during the last quarter. Horizon Investments LLC increased its holdings in Permian Resources by 80.8% during the fourth quarter. Horizon Investments LLC now owns 420,448 shares of the company's stock worth $5,899,000 after buying an additional 187,903 shares during the last quarter. Jennison Associates LLC increased its holdings in Permian Resources by 2.8% during the fourth quarter. Jennison Associates LLC now owns 3,818,742 shares of the company's stock worth $53,577,000 after buying an additional 105,396 shares during the last quarter. State of New Jersey Common Pension Fund D increased its stake in shares of Permian Resources by 24.9% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 209,687 shares of the company's stock worth $2,942,000 after purchasing an additional 41,818 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC increased its stake in shares of Permian Resources by 45.2% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 35,483 shares of the company's stock worth $498,000 after purchasing an additional 11,043 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $21.24 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a market cap of $17.79 billion, a price-to-earnings ratio of 24.70 and a beta of 0.52. The firm's 50-day moving average is $20.44 and its 200 day moving average is $16.94. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $22.67.

Permian Resources (NYSE:PR - Get Free Report) last posted its 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 net margin of 12.79% and a return on equity of 10.53%. The business had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same quarter in the prior year, the business earned $0.44 EPS. The business's revenue for the quarter was up .9% compared to the same quarter last year. Sell-side analysts anticipate that Permian Resources Corporation will post 1.98 EPS 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. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. Permian Resources's dividend payout ratio is presently 74.42%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PR. Wells Fargo & Company raised their price objective on shares of Permian Resources from $21.00 to $27.00 and gave the company an "overweight" rating in a research report on Friday, April 10th. Roth Mkm reiterated a "neutral" rating and set a $22.00 target price (up from $20.00) on shares of Permian Resources in a research report on Wednesday, April 8th. TD Cowen lifted their price target on shares of Permian Resources from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, March 17th. Morgan Stanley reissued an "overweight" rating on shares of Permian Resources in a research note on Friday, March 27th. Finally, Truist Financial lifted their target price on shares of Permian Resources from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Tuesday, April 14th. Four analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Permian Resources currently has a consensus rating of "Buy" and an average target price of $22.38.

Insider Buying and Selling

In related news, Director Jeffrey Tepper sold 50,000 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 150,546 shares of the company's stock, valued at approximately $2,917,581.48. This represents a 24.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James H. Walter sold 673,425 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the completion of the sale, the chief executive officer directly owned 9,389,405 shares of the company's stock, valued at $172,577,263.90. This represents a 6.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 3,130,066 shares of company stock worth $58,837,655 in the last ninety days. Corporate insiders own 5.00% of the company's stock.

Permian Resources Company 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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