John Charles Bell Sells 5,492 Shares of Permian Resources (NYSE:PR) Stock

Key Points

• Permian Resources EVP John Charles Bell sold 5,492 shares for approximately $130,435 at an average price of $23.75. The sale covered tax-withholding obligations tied to vested equity awards and reduced his holdings by 0.35%.
• Permian Resources reported quarterly EPS of $0.69, beating estimates by $0.10, while revenue rose 55.1% year over year to $1.86 billion. Shares recently traded near their 52-week high at $23.72.
• The company declared a quarterly dividend of $0.16 per share, representing a 2.7% annualized yield. Analysts maintain an overall “Buy” rating, with an average price target of $23.65 and some targets as high as $29.

Permian Resources Corporation (NYSE:PR - Get Free Report) EVP John Bell sold 5,492 shares of the firm's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the transaction, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. This trade represents a 0.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Permian Resources Trading Down 0.4%

PR traded down $0.10 during trading on Thursday, reaching $23.72. 5,837,416 shares of the company's stock were exchanged, compared to its average volume of 9,757,025. Permian Resources Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $24.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a market capitalization of $19.87 billion, a PE ratio of 15.71 and a beta of 0.49. The company's fifty day moving average price is $20.91 and its 200-day moving average price is $20.16.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The firm had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.66 billion. During the same quarter last year, the business earned $0.28 earnings per share. The company's revenue was up 55.1% compared to the same quarter last year. As a group, equities analysts forecast that Permian Resources Corporation will post 2.24 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.7%. Permian Resources's dividend payout ratio (DPR) is currently 42.38%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PR. Weiss Ratings raised Permian Resources from a "hold (c+)" rating to a "buy (b)" rating in a research report on Thursday, August 13th. Evercore started coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They set an "outperform" rating and a $25.00 price objective on the stock. Wall Street Zen upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Wells Fargo & Company raised shares of Permian Resources to a "strong-buy" rating in a report on Wednesday. Finally, Seaport Research Partners assumed coverage on Permian Resources in a report on Thursday. They set a "buy" rating and a $29.00 price objective for the company. Six equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Permian Resources has an average rating of "Buy" and an average price target of $23.65.

Institutional Investors Weigh In On Permian Resources

Institutional investors have recently modified their holdings of the business. SHP Wealth Management bought a new position in shares of Permian Resources during the fourth quarter worth approximately $27,000. SJS Investment Consulting Inc. boosted its stake in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock valued at $30,000 after buying an additional 1,341 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Permian Resources during the fourth quarter worth approximately $39,000. State of Wyoming raised its holdings in Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company's stock valued at $41,000 after acquiring an additional 1,640 shares in the last quarter. Finally, Cedar Mountain Advisors LLC bought a new stake in shares of Permian Resources during the 1st quarter valued at $48,000. Institutional investors own 91.84% of the company's stock.

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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