Legal & General Group Plc Sells 68,777 Shares of Permian Resources Corporation $PR

Legal & General Group Plc trimmed its stake in Permian Resources Corporation (NYSE:PR) by 6.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 951,393 shares of the company’s stock after selling 68,777 shares during the period. Legal & General Group Plc’s holdings in Permian Resources were worth $13,348,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Permian Resources by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock valued at $1,057,930,000 after acquiring an additional 3,941,318 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Permian Resources by 20.9% in the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after purchasing an additional 4,691,280 shares in the last quarter. Boston Partners increased its holdings in Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after purchasing an additional 7,503,654 shares during the period. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in Permian Resources by 24.7% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,263,570 shares of the company’s stock worth $169,774,000 after purchasing an additional 2,628,744 shares during the period. Finally, Alyeska Investment Group L.P. raised its position in Permian Resources by 19.6% during the 3rd quarter. Alyeska Investment Group L.P. now owns 10,460,270 shares of the company’s stock valued at $133,891,000 after purchasing an additional 1,717,151 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey Tepper sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $19.38, for a total transaction of $969,000.00. Following the transaction, the director owned 150,546 shares of the company’s stock, valued at approximately $2,917,581.48. This trade represents a 24.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,438,198 shares of company stock valued at $27,865,280 over the last 90 days. 5.00% of the stock is currently owned by corporate insiders.

Permian Resources Trading Up 0.2%

Shares of NYSE:PR opened at $19.71 on Wednesday. The company has a market capitalization of $16.51 billion, a PE ratio of 22.92 and a beta of 0.48. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $22.67. The business’s fifty day simple moving average is $20.55 and its 200-day simple moving average is $17.39.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the business posted $0.44 EPS. The firm’s quarterly revenue was up .9% on a year-over-year basis. As a group, equities research analysts predict that Permian Resources Corporation will post 2 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources’s dividend payout ratio is presently 74.42%.

Analysts Set New Price Targets

Several brokerages have weighed in on PR. Truist Financial upped their target price on Permian Resources from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Zacks Research downgraded Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. KeyCorp initiated coverage on shares of Permian Resources in a research note on Tuesday, April 7th. They issued an “overweight” rating and a $25.00 price objective for the company. Raymond James Financial reiterated a “strong-buy” rating and set a $21.00 target price on shares of Permian Resources in a report on Thursday, February 26th. Finally, The Goldman Sachs Group raised their target price on shares of Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.69.

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.