Insider Selling: Permian Resources Co. (NASDAQ:PR) CAO Sells 8,082 Shares of Stock

Permian Resources Co. (NASDAQ:PR) CAO Brent P. Jensen sold 8,082 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $14.30, for a total value of $115,572.60. Following the completion of the transaction, the chief accounting officer now owns 1,266,032 shares of the company’s stock, valued at approximately $18,104,257.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Permian Resources Stock Performance

Shares of PR stock traded down $0.15 on Monday, hitting $13.54. 9,402,634 shares of the stock traded hands, compared to its average volume of 7,523,504. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.59 and a quick ratio of 0.59. The company has a market capitalization of $7.66 billion, a PE ratio of 9.25 and a beta of 4.47. Permian Resources Co. has a 1-year low of $6.12 and a 1-year high of $15.30. The company’s fifty day moving average is $12.56 and its 200 day moving average is $11.10.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Wednesday, August 2nd. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.06). Permian Resources had a net margin of 18.93% and a return on equity of 10.67%. The firm had revenue of $623.40 million for the quarter, compared to analyst estimates of $660.10 million. During the same period in the prior year, the company posted $0.61 earnings per share. The business’s revenue was up 31.9% on a year-over-year basis. On average, equities research analysts predict that Permian Resources Co. will post 1.44 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Shareholders of record on Tuesday, August 15th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend was Monday, August 14th. Permian Resources’s dividend payout ratio is presently 13.51%.

Institutional Investors Weigh In On Permian Resources

Several large investors have recently added to or reduced their stakes in PR. Vanguard Group Inc. acquired a new stake in Permian Resources in the third quarter worth $112,804,000. State Street Corp acquired a new stake in Permian Resources in the third quarter worth $100,979,000. Woodline Partners LP bought a new position in shares of Permian Resources in the second quarter worth $69,964,000. Macquarie Group Ltd. bought a new position in shares of Permian Resources in the first quarter worth $59,302,000. Finally, Millennium Management LLC grew its stake in shares of Permian Resources by 1,609.9% in the fourth quarter. Millennium Management LLC now owns 4,870,577 shares of the company’s stock worth $45,783,000 after purchasing an additional 4,585,728 shares in the last quarter. 53.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PR shares. UBS Group upped their price target on Permian Resources from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Thursday, August 17th. Susquehanna increased their target price on Permian Resources from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, August 22nd. Stifel Nicolaus increased their target price on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, September 5th. Piper Sandler reduced their target price on Permian Resources from $16.00 to $15.00 in a research note on Tuesday, June 13th. Finally, Mizuho increased their target price on Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, August 22nd. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and an average target price of $15.23.

About Permian Resources

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. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks in Reeves County, West Texas and Lea County, New Mexico.