Permian Resources Corporation $PR Stock Sold by Sterling Capital Management LLC

Sterling Capital Management LLC trimmed its stake in Permian Resources Corporation (NYSE:PR) by 78.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,634 shares of the company’s stock after selling 132,822 shares during the quarter. Sterling Capital Management LLC’s holdings in Permian Resources were worth $753,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PR. SJS Investment Consulting Inc. raised its stake in shares of Permian Resources by 1,862.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after purchasing an additional 1,341 shares in the last quarter. Cedar Mountain Advisors LLC acquired a new stake in shares of Permian Resources in the 1st quarter valued at approximately $48,000. Essential Partners LLC grew its stake 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 valued at $69,000 after buying an additional 3,168 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Permian Resources in the first quarter valued at $72,000. Finally, Bessemer Group Inc. grew its stake 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 valued at $76,000 after buying an additional 621 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insiders Place Their Bets

In other Permian Resources news, EVP Robert Shannon sold 5,104 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the transaction, the executive vice president owned 1,346,698 shares in the company, valued at $31,984,077.50. This trade represents a 0.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 Permian Resources 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 sale, the executive vice president directly owned 537,400 shares of the company’s stock, valued at $12,763,250. This represents a 0.94% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 15,699 shares of company stock worth $372,851 in the last 90 days. Company insiders own 5.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $27.00 price target on shares of Permian Resources in a research report on Thursday, September 24th. Seaport Research Partners started coverage on shares of Permian Resources in a research report on Thursday, September 3rd. They issued a “buy” rating and a $29.00 price objective for the company. Weiss Ratings upgraded shares of Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. Wells Fargo & Company boosted their price objective on shares of Permian Resources from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 14th. Finally, UBS Group upped their price objective on Permian Resources from $24.00 to $29.00 and gave the company a “buy” rating in a research note on Monday, September 14th. Five research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $26.39.

Permian Resources Trading Down 1.2%

Permian Resources stock opened at $25.46 on Wednesday. The company has a market capitalization of $21.33 billion, a price-to-earnings ratio of 16.86 and a beta of 0.66. Permian Resources Corporation has a 12 month low of $12.06 and a 12 month high of $25.96. The stock’s 50 day moving average is $23.26 and its 200-day moving average is $20.15.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. The business’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.28 earnings per share. As a group, equities research analysts predict that Permian Resources Corporation will post 2.43 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a dividend of $0.16 per share. The ex-dividend date was Wednesday, September 16th. This represents a $0.64 annualized dividend and a yield of 2.5%. Permian Resources’s dividend payout ratio (DPR) is presently 42.38%.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.