Permian Resources (NYSE:PR) EVP Sells $121,196.25 in Stock

Key Points

• Insider transaction: EVP Guy Oliphint sold 5,103 Permian Resources shares for approximately $121,196, reducing his ownership by 0.94%. The sale was made to cover tax withholding obligations tied to vested equity awards.
• Strong quarterly results: Permian Resources reported adjusted earnings of $0.69 per share, beating estimates by $0.10, while revenue reached $1.86 billion and rose 55.1% year over year.
• Shareholder and analyst support: The company declared a quarterly dividend of $0.16 per share, equivalent to a 2.7% yield, while analysts maintain a consensus “Buy” rating and a $23.65 price target.

Permian Resources Corporation (NYSE:PR - Get Free Report) EVP Guy Oliphint sold 5,103 shares of the business's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the sale, the executive vice president owned 537,400 shares of the company's stock, valued at approximately $12,763,250. This trade represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Permian Resources Price Performance

PR stock traded down $0.10 during mid-day trading on Thursday, hitting $23.72. The stock had a trading volume of 5,837,416 shares, compared to its average volume of 9,757,025. The firm has a fifty day simple moving average of $20.91 and a 200 day simple moving average of $20.16. The firm has a market capitalization of $19.87 billion, a P/E ratio of 15.71 and a beta of 0.49. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $24.09.

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

Permian Resources Announces Dividend

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

Institutional Trading of Permian Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC increased its stake in shares of Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company's stock worth $2,060,000 after purchasing an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Permian Resources by 18.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock worth $75,512,000 after purchasing an additional 852,347 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Permian Resources by 7.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company's stock valued at $16,751,000 after buying an additional 87,105 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock valued at $57,000 after acquiring an additional 3,224 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of Permian Resources by 21.3% in the second quarter. Marshall Wace LLP now owns 93,507 shares of the company's stock worth $1,274,000 after acquiring an additional 16,443 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PR has been the subject of several research reports. Morgan Stanley reissued an "overweight" rating on shares of Permian Resources in a research note on Wednesday, August 19th. Truist Financial lifted their price target on Permian Resources from $22.00 to $24.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Citigroup cut their target price on shares of Permian Resources from $26.00 to $24.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. Wall Street Zen upgraded shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 8th. Finally, Wells Fargo & Company raised Permian Resources to a "strong-buy" rating in a research note on Wednesday. Six equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $23.65.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source