Principal Financial Group Inc. Trims Stake in Permian Resources Corporation $PR

Principal Financial Group Inc. reduced its stake in Permian Resources Corporation (NYSE:PR) by 21.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,238,338 shares of the company’s stock after selling 1,455,390 shares during the period. Principal Financial Group Inc. owned 0.65% of Permian Resources worth $67,051,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of Permian Resources by 86.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock valued at $326,380,000 after purchasing an additional 11,133,354 shares during the period. Boston Partners bought a new position in shares of Permian Resources in the 2nd quarter worth about $134,119,000. Holocene Advisors LP bought a new stake in shares of Permian Resources in the 2nd quarter worth approximately $42,606,000. American Century Companies Inc. boosted its holdings in Permian Resources by 20.3% in the second quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock worth $150,409,000 after acquiring an additional 1,863,632 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Permian Resources by 62.6% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 3,788,871 shares of the company’s stock worth $48,498,000 after purchasing an additional 1,458,315 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Robert Regan Shannon sold 106,405 shares of the business’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the completion of the transaction, the executive vice president owned 360,667 shares in the company, valued at $4,915,891.21. The trade was a 22.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James H. Walter sold 467,700 shares of the business’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the sale, the chief executive officer directly owned 1,010,138 shares of the company’s stock, valued at $13,768,180.94. This represents a 31.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 2,210,456 shares of company stock worth $30,231,728 in the last three months. Corporate insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PR. Wells Fargo & Company boosted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, January 27th. Royal Bank Of Canada upped their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Thursday, October 9th. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Zacks Research downgraded Permian Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 20th. Finally, Bank of America reiterated a “neutral” rating and issued a $16.00 price target (down previously from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.71.

Permian Resources Price Performance

PR stock opened at $16.14 on Wednesday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.25. The company has a fifty day simple moving average of $14.49 and a two-hundred day simple moving average of $13.74. The firm has a market capitalization of $13.38 billion, a P/E ratio of 14.80 and a beta of 0.77.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share 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 company’s revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.53 earnings per share. Analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Profile

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.