Russell Investments Group Ltd. Sells 94,598 Shares of Permian Resources Corporation $PR

Russell Investments Group Ltd. decreased its holdings in Permian Resources Corporation (NYSE:PR) by 3.7% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,477,455 shares of the company’s stock after selling 94,598 shares during the period. Russell Investments Group Ltd. owned approximately 0.31% of Permian Resources worth $32,172,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in PR. Ruffer LLP bought a new stake in shares of Permian Resources in the 3rd quarter valued at about $2,608,000. Massachusetts Financial Services Co. MA boosted its holdings in Permian Resources by 8.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after acquiring an additional 1,421,059 shares during the period. American Century Companies Inc. grew its position in Permian Resources by 20.3% during the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock worth $150,409,000 after acquiring an additional 1,863,632 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in Permian Resources by 101.0% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock worth $6,920,000 after purchasing an additional 271,668 shares during the period. Finally, Cresset Asset Management LLC increased its stake in Permian Resources by 599.2% in the 2nd quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock worth $2,377,000 after purchasing an additional 149,548 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Down 1.4%

Shares of NYSE:PR opened at $19.09 on Friday. The firm has a market capitalization of $15.83 billion, a P/E ratio of 15.27 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a 50 day moving average price of $16.39 and a 200-day moving average price of $14.54. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $19.64.

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

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.16 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.4%. Permian Resources’s dividend payout ratio (DPR) is presently 48.00%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PR shares. Bank of America reissued a “neutral” rating and set a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Citigroup lifted their target price on shares of Permian Resources from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Mizuho upped their price target on shares of Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Morgan Stanley cut their price target on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $21.00 price objective on shares of Permian Resources in a research note on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus target price of $20.42.

Insider Transactions at Permian Resources

In related news, EVP Guy M. Oliphint sold 4,999 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.28, for a total transaction of $91,381.72. Following the sale, the executive vice president owned 605,272 shares of the company’s stock, valued at $11,064,372.16. The trade was a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James H. Walter sold 673,425 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the completion of the sale, the chief executive officer owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. This trade represents a 6.69% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 4,765,093 shares of company stock worth $77,807,101. 6.44% of the stock is owned by insiders.

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.