Insider Selling: Permian Resources (NYSE:PR) EVP Sells $121,220.00 in Stock

Permian Resources Corporation (NYSE:PR) EVP Robert Shannon sold 5,104 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the transaction, the executive vice president directly owned 1,346,698 shares of the company’s stock, valued at $31,984,077.50. The trade was a 0.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Permian Resources Stock Down 1.5%

NYSE:PR opened at $23.38 on Friday. The company has a market cap of $19.58 billion, a PE ratio of 15.48 and a beta of 0.49. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $24.09. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The company’s 50 day moving average is $21.00 and its two-hundred day moving average is $20.18.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. Permian Resources’s revenue for the quarter was up 55.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.28 EPS. Analysts anticipate that Permian Resources Corporation will post 2.27 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources’s dividend payout ratio is presently 42.38%.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

PR has been the subject of a number of research reports. UBS Group lowered their price target on Permian Resources from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Friday, July 17th. Wall Street Zen upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Roth Capital set a $23.00 target price on Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Zacks Research lowered Permian Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $29.00 target price on shares of Permian Resources in a research report on Thursday, August 27th. Six research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $23.65.

Permian Resources News Summary

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Strong quarterly results: Permian Resources reported adjusted earnings of $0.69 per share, exceeding the $0.59 analyst consensus, while revenue of $1.86 billion surpassed the $1.66 billion estimate and increased 55.1% year over year. The results reinforced the company’s growth outlook and helped drive the post-earnings rally. Permian Resources post-earnings performance
• Positive Sentiment: Analyst upgrade: Wells Fargo raised Permian Resources to “strong buy,” adding to an already favorable consensus rating of “Buy.” Six analysts rate the stock a strong buy and 12 rate it a buy, supporting investor confidence.
• Positive Sentiment: Dividend support: The company declared a quarterly dividend of $0.16 per share, equivalent to a $0.64 annualized payout and an approximately 2.7% yield. Its 42.38% payout ratio indicates the dividend is supported by current earnings.
• Neutral Sentiment: Insider sales were limited and tax-related: Three executive vice presidents sold shares worth roughly $121,000 to $130,000 each. The transactions represented less than 1% of each executive’s holdings and were made to cover tax withholding on vested equity awards, reducing their significance as a bearish signal. Permian Resources insider transactions

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.