Insider Selling: Permian Resources Co. (NASDAQ:PR) CAO Sells $67,170.46 in Stock

Permian Resources Co. (NASDAQ:PR) CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Permian Resources Price Performance

Shares of NASDAQ:PR opened at $13.25 on Friday. The stock has a market cap of $10.63 billion, a PE ratio of 12.05, a PEG ratio of 0.73 and a beta of 4.33. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. The company’s fifty day moving average is $15.08 and its 200 day moving average is $15.97.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company’s revenue was up 99.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.27 EPS. Research analysts anticipate that Permian Resources Co. will post 1.63 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Permian Resources by 11.2% during the 1st quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after purchasing an additional 5,432,654 shares in the last quarter. EnCap Energy Capital Fund XI L.P. bought a new stake in Permian Resources during the fourth quarter worth about $353,683,000. Massachusetts Financial Services Co. MA boosted its stake in Permian Resources by 9.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock worth $268,213,000 after acquiring an additional 1,471,833 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after acquiring an additional 4,497,184 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Permian Resources by 16.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock worth $145,546,000 after acquiring an additional 1,544,525 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Citigroup cut their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a report on Wednesday, July 3rd. Wolfe Research assumed coverage on shares of Permian Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Piper Sandler cut their price target on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Finally, Benchmark reissued a “buy” rating and issued a $17.00 price target on shares of Permian Resources in a report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.93.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.