Aventail Capital Group LP Trims Stake in Permian Resources Corporation $PR

Aventail Capital Group LP lessened its position in Permian Resources Corporation (NYSE:PR) by 60.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 800,076 shares of the company’s stock after selling 1,200,113 shares during the quarter. Aventail Capital Group LP owned 0.10% of Permian Resources worth $10,241,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its position in Permian Resources by 114.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after purchasing an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after buying an additional 1,391 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after buying an additional 3,224 shares during the period. Allworth Financial LP grew its stake in shares of Permian Resources by 162.4% during the second quarter. Allworth Financial LP now owns 5,430 shares of the company’s stock valued at $74,000 after buying an additional 3,361 shares during the last quarter. Finally, Rakuten Securities Inc. grew its stake in shares of Permian Resources by 237.6% during the second quarter. Rakuten Securities Inc. now owns 7,106 shares of the company’s stock valued at $97,000 after buying an additional 5,001 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Benchmark lowered Permian Resources from a “buy” rating to a “hold” rating in a research note on Thursday, March 5th. Piper Sandler upped their price objective on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday. Bank of America reiterated a “neutral” rating and set a $16.00 target price (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. UBS Group boosted their target price on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Finally, Wells Fargo & Company upped their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, January 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.42.

Permian Resources Stock Up 1.4%

Shares of NYSE:PR opened at $19.34 on Friday. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $19.64. The stock has a market cap of $16.04 billion, a P/E ratio of 15.47 and a beta of 0.66. The business’s 50 day moving average is $16.49 and its 200 day moving average is $14.58. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31.

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

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.16 dividend. The ex-dividend date is Tuesday, March 17th. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. Permian Resources’s dividend payout ratio is presently 48.00%.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 4,999 shares of the firm’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 transaction, the executive vice president owned 605,272 shares of the company’s stock, valued at approximately $11,064,372.16. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William M. Hickey III sold 898,423 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction of $16,513,014.74. Following the completion of the sale, the chief executive officer owned 9,389,405 shares of the company’s stock, valued at approximately $172,577,263.90. This represents a 8.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,765,093 shares of company stock valued at $77,807,101 over the last three months. 6.44% of the stock is currently owned by corporate 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.