Permian Resources Corporation $PR Stock: Keybank National Association OH Raises Stake

Keybank National Association OH raised its position in Permian Resources Corporation (NYSE:PR) by 6.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,825,438 shares of the company’s stock after purchasing an additional 107,920 shares during the quarter. Keybank National Association OH owned 0.22% of Permian Resources worth $38,553,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Provenance Wealth Advisors LLC purchased a new position in shares of Permian Resources during the third quarter valued at approximately $26,000. Heritage Family Offices LLP bought a new position in shares of Permian Resources during the third quarter valued at approximately $35,000. Essential Partners LLC raised its holdings in shares of Permian Resources by 4,400.0% in the first quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock worth $69,000 after buying an additional 3,168 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Permian Resources in the first quarter worth approximately $72,000. Finally, Bessemer Group Inc. raised its holdings in shares of Permian Resources by 21.3% in the first quarter. Bessemer Group Inc. now owns 3,537 shares of the company’s stock worth $76,000 after buying an additional 621 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP John Bell sold 5,492 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the transaction, the executive vice president owned 1,561,680 shares of the company’s stock, valued at $37,089,900. This represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy Oliphint sold 5,103 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the transaction, the executive vice president owned 537,400 shares in the company, valued at $12,763,250. The trade was a 0.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 15,699 shares of company stock valued at $372,851 over the last quarter. 5.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Royal Bank Of Canada reissued an “outperform” rating and set a $27.00 price target on shares of Permian Resources in a research note on Thursday, September 24th. Susquehanna upped their price objective on Permian Resources from $25.00 to $30.00 and gave the company a “positive” rating in a research report on Tuesday, October 20th. KeyCorp upped their price objective on Permian Resources from $25.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, September 15th. Scotiabank initiated coverage on Permian Resources in a research note on Wednesday, October 14th. They issued a “sector outperform” rating and a $29.00 target price on the stock. Finally, Weiss Ratings upgraded Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $26.61.

Permian Resources Price Performance

Permian Resources stock opened at $22.32 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market cap of $18.69 billion, a price-to-earnings ratio of 11.62 and a beta of 0.62. The firm has a 50-day moving average of $23.28 and a two-hundred day moving average of $20.64. Permian Resources Corporation has a 1 year low of $13.18 and a 1 year high of $26.07.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 4th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Permian Resources had a net margin of 25.04% and a return on equity of 15.56%. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period last year, the company posted $0.08 earnings per share. The company’s quarterly revenue was up 48.1% compared to the same quarter last year. On average, research analysts forecast that Permian Resources Corporation will post 2.62 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be issued a $0.16 dividend. The ex-dividend date is Thursday, December 17th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.9%. Permian Resources’s payout ratio is presently 33.33%.

About Permian Resources

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico. The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.