William Hickey III Sells 309,980 Shares of Permian Resources (NYSE:PR) Stock

Permian Resources Corporation (NYSE:PR) CEO William Hickey III sold 309,980 shares of the firm’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $13.74, for a total transaction of $4,259,125.20. Following the completion of the sale, the chief executive officer owned 1,477,861 shares in the company, valued at approximately $20,305,810.14. The trade was a 17.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Permian Resources Stock Performance

Permian Resources stock traded down $0.13 during mid-day trading on Wednesday, reaching $13.50. The company had a trading volume of 9,662,991 shares, compared to its average volume of 7,864,542. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The firm has a market cap of $11.19 billion, a price-to-earnings ratio of 12.38 and a beta of 0.66. The company has a 50 day moving average of $13.90 and a 200-day moving average of $13.61. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.03.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22). The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.53 EPS. On average, sell-side analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.4%. The ex-dividend date was Wednesday, December 17th. Permian Resources’s payout ratio is currently 55.05%.

Institutional Investors Weigh In On Permian Resources

Hedge funds have recently made changes to their positions in the company. Nordea Investment Management AB boosted its position 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 buying an additional 202,026 shares in the last quarter. Friedenthal Financial acquired a new stake in shares of Permian Resources during the second quarter worth approximately $871,000. American Century Companies Inc. raised its stake in shares of Permian Resources by 20.3% in the second quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock valued at $150,409,000 after acquiring an additional 1,863,632 shares during the last quarter. Cresset Asset Management LLC boosted its holdings in shares of Permian Resources by 599.2% in the 2nd quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock worth $2,377,000 after acquiring an additional 149,548 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its position in Permian Resources by 5.9% during the 2nd quarter. Advisors Asset Management Inc. now owns 325,956 shares of the company’s stock worth $4,440,000 after acquiring an additional 18,081 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PR shares. Mizuho lifted their price objective on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. UBS Group raised their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Wells Fargo & Company lowered their price target on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Weiss Ratings restated a “hold (c)” rating on shares of Permian Resources in a research note on Monday, December 29th. Finally, Scotiabank initiated coverage on shares of Permian Resources in a research report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.07.

Key Permian Resources News

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Permian announced completion of a previously disclosed corporate reorganization in which management and certain long‑term holders exchanged Class C shares for Class A shares, a move the company says aligns management ownership with public investors and may reduce governance concerns. Read More.
• Negative Sentiment: CEO William M. Hickey III sold 467,725 shares on Jan. 6 at an average ~$13.63 (~$6.38M). Read More.
• Negative Sentiment: CEO William M. Hickey III sold 309,980 shares on Jan. 5 at an average ~$13.74 (~$4.26M). Read More.
• Negative Sentiment: CEO James H. Walter sold 467,700 shares on Jan. 6 at an average ~$13.63 (~$6.37M). Read More.
• Negative Sentiment: CEO James H. Walter sold 310,003 shares on Jan. 5 at an average ~$13.74 (~$4.26M). Read More.
• Negative Sentiment: EVP John Charles Bell sold 106,399 shares on Jan. 6 at an average ~$13.63 (~$1.45M) and 70,249 shares on Jan. 5 at ~$13.76 (~$0.97M), reducing his holdings materially. Read More.
• Negative Sentiment: EVP Robert Regan Shannon sold 106,405 shares on Jan. 6 at an average ~$13.63 (~$1.45M) and 70,254 shares on Jan. 5 at ~$13.76 (~$0.97M), trimming his stake. Read More.
• Negative Sentiment: EVP Guy M. Oliphint sold 172,904 shares on Jan. 6 at an average ~$13.63 (~$2.36M), reducing his ownership by ~21.9%. Read More.

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.