Permian Resources Corporation $PR Shares Sold by Applied Finance Capital Management LLC

Applied Finance Capital Management LLC cut its stake in shares of Permian Resources Corporation (NYSE:PR) by 6.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,746 shares of the company’s stock after selling 1,201 shares during the quarter. Applied Finance Capital Management LLC’s holdings in Permian Resources were worth $255,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PR. Nuveen LLC acquired a new position in shares of Permian Resources during the 1st quarter worth $175,525,000. Alyeska Investment Group L.P. grew its stake in shares of Permian Resources by 300.3% during the 1st quarter. Alyeska Investment Group L.P. now owns 5,833,001 shares of the company’s stock worth $80,787,000 after purchasing an additional 4,375,930 shares during the period. Millennium Management LLC grew its stake in shares of Permian Resources by 56.7% during the 1st quarter. Millennium Management LLC now owns 7,578,553 shares of the company’s stock worth $104,963,000 after purchasing an additional 2,743,272 shares during the period. Woodline Partners LP grew its stake in shares of Permian Resources by 94.1% during the 1st quarter. Woodline Partners LP now owns 5,419,700 shares of the company’s stock worth $75,063,000 after purchasing an additional 2,626,961 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Permian Resources by 19.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock worth $195,276,000 after purchasing an additional 2,286,363 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Trading Up 1.6%

Shares of PR stock opened at $12.28 on Friday. The firm has a market cap of $9.83 billion, a P/E ratio of 7.98 and a beta of 1.32. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.33. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The firm’s 50-day simple moving average is $13.36 and its 200-day simple moving average is $13.19.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the firm posted $0.39 EPS. The company’s revenue was down 3.9% on a year-over-year basis. As a group, equities analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a $0.15 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.9%. Permian Resources’s dividend payout ratio (DPR) is presently 38.96%.

Insider Activity at Permian Resources

In related news, EVP Robert Regan Shannon sold 4,742 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the transaction, the executive vice president owned 91,805 shares in the company, valued at approximately $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,743 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the transaction, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. The trade was a 4.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PR. Morgan Stanley upped their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Royal Bank Of Canada raised their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, October 9th. Mizuho decreased their price target on shares of Permian Resources from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Wells Fargo & Company decreased their price target on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Wall Street Zen cut shares of Permian Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $18.67.

Permian Resources Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.