Permian Resources Corporation $PR Stake Trimmed by King Luther Capital Management Corp

King Luther Capital Management Corp reduced its holdings in Permian Resources Corporation (NYSE:PR) by 1.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,251,098 shares of the company’s stock after selling 68,861 shares during the quarter. King Luther Capital Management Corp’s holdings in Permian Resources were worth $110,903,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Wellington Management Group LLP raised its holdings in shares of Permian Resources by 3.9% during the second quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after acquiring an additional 763,059 shares in the last quarter. Jennison Associates LLC increased its position in Permian Resources by 63.1% during the 1st quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock valued at $132,824,000 after purchasing an additional 2,411,292 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Permian Resources during the 1st quarter valued at $121,041,000. First Trust Advisors LP increased its position in Permian Resources by 66.6% during the 1st quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock valued at $118,636,000 after purchasing an additional 2,224,560 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Permian Resources by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock worth $100,911,000 after purchasing an additional 85,509 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PR shares. Wall Street Zen cut shares of Permian Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 7th. Raymond James Financial restated a “strong-buy” rating and issued a $34.00 price objective on shares of Permian Resources in a report on Monday, November 2nd. Wells Fargo & Company cut their price objective on Permian Resources from $28.00 to $27.00 and set an “overweight” rating on the stock in a research report on Friday, November 6th. Citigroup upped their target price on Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Finally, Seaport Research Partners assumed coverage on Permian Resources in a research report on Thursday, September 3rd. They issued a “buy” rating and a $29.00 target price for the company. Five analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $26.61.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 5,103 shares of the business’s stock in a transaction that occurred 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. The trade was a 0.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the sale, the executive vice president owned 1,561,680 shares in the company, valued at $37,089,900. The trade was a 0.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 15,699 shares of company stock valued at $372,851. Corporate insiders own 5.00% of the company’s stock.

Permian Resources Stock Up 2.7%

Shares of Permian Resources stock opened at $22.32 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.50 and a quick ratio of 0.50. The company has a 50-day moving average of $23.28 and a 200 day moving average of $20.64. The firm has a market cap of $18.69 billion, a price-to-earnings ratio of 11.62 and a beta of 0.62. Permian Resources Corporation has a 1 year low of $13.18 and a 1 year high of $26.07.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. Permian Resources had a net margin of 25.04% and a return on equity of 15.56%. The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same period last year, the company posted $0.08 EPS. Permian Resources’s revenue was up 48.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Permian Resources Corporation will post 2.62 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, December 17th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.9%. Permian Resources’s dividend payout ratio (DPR) is currently 33.33%.

Permian Resources Profile

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico. The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.