Whittier Trust Co. Grows Stock Holdings in Permian Resources Corporation $PR

Whittier Trust Co. increased its stake in shares of Permian Resources Corporation (NYSE:PR) by 10.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 536,862 shares of the company’s stock after buying an additional 51,807 shares during the quarter. Whittier Trust Co.’s holdings in Permian Resources were worth $7,312,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Permian Resources by 10.4% during the third quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock worth $914,733,000 after buying an additional 6,705,644 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Permian Resources by 20.9% during the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after buying an additional 4,691,280 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 8.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock worth $236,207,000 after buying an additional 1,421,059 shares during the last quarter. Boston Partners grew its holdings in shares of Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after buying an additional 7,503,654 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC grew its holdings in shares of Permian Resources by 24.7% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,263,570 shares of the company’s stock worth $169,774,000 after buying an additional 2,628,744 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Activity at Permian Resources

In other news, CEO William M. Hickey III sold 898,423 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction of $16,513,014.74. Following the completion of the sale, the chief executive officer directly owned 9,389,405 shares of the company’s stock, valued at $172,577,263.90. The trade was a 8.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Aron Marquez sold 7,750 shares of the business’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total transaction of $152,055.00. Following the sale, the director directly owned 72,218 shares of the company’s stock, valued at $1,416,917.16. This represents a 9.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 3,130,066 shares of company stock worth $58,837,655. 6.44% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Benchmark downgraded shares of Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Bank of America restated a “neutral” rating and issued a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 6th. Citigroup raised their price objective on shares of Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, March 31st. Finally, Susquehanna reduced their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research report on Monday, January 26th. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $22.13.

Permian Resources Price Performance

PR stock opened at $19.39 on Friday. The firm has a 50 day moving average of $19.30 and a 200-day moving average of $15.74. Permian Resources Corporation has a 12-month low of $11.44 and a 12-month high of $21.99. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. The company has a market cap of $16.22 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 2.75 and a beta of 0.56.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The company’s revenue was down 9.8% on a year-over-year basis. During the same period last year, the company posted $0.36 EPS. As a group, equities analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio is presently 51.20%.

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.