Amalgamated Bank Sells 4,326 Shares of Permian Resources Corporation $PR

Amalgamated Bank reduced its stake in Permian Resources Corporation (NYSE:PR) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 291,882 shares of the company’s stock after selling 4,326 shares during the quarter. Amalgamated Bank’s holdings in Permian Resources were worth $3,975,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. OneDigital Investment Advisors LLC increased its stake in Permian Resources by 19.2% in the first quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company’s stock valued at $267,000 after acquiring an additional 3,107 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in Permian Resources by 8.5% in the first quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company’s stock valued at $393,000 after acquiring an additional 2,215 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Permian Resources by 27.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company’s stock valued at $425,000 after acquiring an additional 6,600 shares during the last quarter. Nordea Investment Management AB increased its stake in Permian Resources by 70.1% in the second quarter. Nordea Investment Management AB now owns 490,311 shares of the company’s stock valued at $6,727,000 after acquiring an additional 202,026 shares during the last quarter. Finally, Friedenthal Financial bought a new position in Permian Resources in the second quarter valued at approximately $871,000. 91.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PR shares. Piper Sandler lifted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, October 21st. Royal Bank Of Canada lifted their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Thursday, October 9th. Scotiabank began coverage on shares of Permian Resources in a research report on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 target price on the stock. TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a research report on Monday, July 7th. Finally, UBS Group raised their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.73.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $12.56 on Monday. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week 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 has a market capitalization of $10.05 billion, a P/E ratio of 8.15 and a beta of 1.31. The company’s 50 day moving average price is $13.19 and its two-hundred day moving average price is $13.32.

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

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Tuesday, September 16th. Permian Resources’s payout ratio is 38.96%.

Insiders Place Their Bets

In other news, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction 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. The trade was a 4.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. This trade represents a 4.22% decrease in their position. The disclosure for this sale is available in the SEC filing. 12.80% of the stock is currently owned by insiders.

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. 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.