John Charles Bell Sells 5,492 Shares of Permian Resources (NYSE:PR) Stock

Permian Resources Corporation (NYSE:PR) EVP John Bell sold 5,492 shares of Permian Resources stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the sale, the executive vice president owned 1,561,680 shares in the company, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Permian Resources Trading Down 1.5%

NYSE:PR opened at $23.38 on Friday. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $24.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The stock has a fifty day moving average price of $21.00 and a two-hundred day moving average price of $20.18. The stock has a market capitalization of $19.58 billion, a price-to-earnings ratio of 15.48 and a beta of 0.49.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business’s revenue was up 55.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.28 EPS. As a group, sell-side analysts anticipate that Permian Resources Corporation will post 2.27 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is presently 42.38%.

Key Stories Impacting Permian Resources

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

• Positive Sentiment: Strong quarterly results: Permian Resources reported adjusted earnings of $0.69 per share, exceeding the $0.59 analyst consensus, while revenue of $1.86 billion surpassed the $1.66 billion estimate and increased 55.1% year over year. The results reinforced the company’s growth outlook and helped drive the post-earnings rally. Permian Resources post-earnings performance
• Positive Sentiment: Analyst upgrade: Wells Fargo raised Permian Resources to “strong buy,” adding to an already favorable consensus rating of “Buy.” Six analysts rate the stock a strong buy and 12 rate it a buy, supporting investor confidence.
• Positive Sentiment: Dividend support: The company declared a quarterly dividend of $0.16 per share, equivalent to a $0.64 annualized payout and an approximately 2.7% yield. Its 42.38% payout ratio indicates the dividend is supported by current earnings.
• Neutral Sentiment: Insider sales were limited and tax-related: Three executive vice presidents sold shares worth roughly $121,000 to $130,000 each. The transactions represented less than 1% of each executive’s holdings and were made to cover tax withholding on vested equity awards, reducing their significance as a bearish signal. Permian Resources insider transactions

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Raymond James Financial restated a “strong-buy” rating and issued a $29.00 price target on shares of Permian Resources in a report on Thursday, August 27th. Truist Financial lifted their price objective on Permian Resources from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Seaport Research Partners assumed coverage on Permian Resources in a research report on Thursday. They set a “buy” rating and a $29.00 target price on the stock. Morgan Stanley reissued an “overweight” rating on shares of Permian Resources in a report on Wednesday, August 19th. Finally, Weiss Ratings raised Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a research note on Thursday, August 13th. Six analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Permian Resources currently has an average rating of “Buy” and a consensus price target of $23.65.

Institutional Trading of Permian Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PR. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Permian Resources in the 2nd quarter valued at about $1,782,000. California State Teachers Retirement System boosted its stake in shares of Permian Resources by 1,885.1% during the 2nd quarter. California State Teachers Retirement System now owns 16,229,501 shares of the company’s stock worth $298,785,000 after purchasing an additional 15,411,935 shares during the last quarter. Readystate Asset Management LP grew its holdings in shares of Permian Resources by 155.2% during the second quarter. Readystate Asset Management LP now owns 496,281 shares of the company’s stock worth $9,137,000 after buying an additional 301,791 shares in the last quarter. Wedmont Private Capital raised its position in shares of Permian Resources by 23.4% in the second quarter. Wedmont Private Capital now owns 13,396 shares of the company’s stock valued at $257,000 after buying an additional 2,536 shares during the last quarter. Finally, HB Wealth Management LLC lifted its stake in shares of Permian Resources by 39.7% during the second quarter. HB Wealth Management LLC now owns 29,245 shares of the company’s stock valued at $538,000 after buying an additional 8,304 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.