Sei Investments Co. Decreases Holdings in Permian Resources Corporation $PR

Sei Investments Co. lowered its stake in shares of Permian Resources Corporation (NYSE:PR) by 10.4% in the first quarter, Holdings Channel reports. The firm owned 1,691,288 shares of the company’s stock after selling 195,650 shares during the period. Sei Investments Co.’s holdings in Permian Resources were worth $36,058,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. SJS Investment Consulting Inc. lifted its stake in Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after buying an additional 1,341 shares in the last quarter. SHP Wealth Management purchased a new stake in Permian Resources during the 4th quarter worth approximately $27,000. Cedar Mountain Advisors LLC acquired a new position in shares of Permian Resources during the first quarter valued at approximately $48,000. Los Angeles Capital Management LLC acquired a new position in shares of Permian Resources during the fourth quarter valued at approximately $39,000. Finally, State of Wyoming lifted its position in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after acquiring an additional 1,640 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Price Performance

PR stock opened at $21.34 on Monday. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $22.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market capitalization of $17.87 billion, a PE ratio of 24.82 and a beta of 0.46. The business has a 50 day simple moving average of $19.51 and a 200-day simple moving average of $18.81.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the firm earned $0.44 EPS. The company’s quarterly revenue was up .9% compared to the same quarter last year. Equities research analysts anticipate that Permian Resources Corporation will post 1.94 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.16 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. Permian Resources’s dividend payout ratio (DPR) is currently 74.42%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Truist Financial lowered their price target on Permian Resources from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, July 13th. KeyCorp initiated coverage on Permian Resources in a report on Tuesday, April 7th. They issued an “overweight” rating and a $25.00 price objective on the stock. BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. Zacks Research cut shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Finally, Scotiabank upped their target price on shares of Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Permian Resources currently has a consensus rating of “Buy” and an average target price of $23.29.

Insider Buying and Selling

In related news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 5.00% of the company’s stock.

Permian Resources Company 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.