Mizuho Markets Americas LLC Trims Holdings in Permian Resources Corporation $PR

Mizuho Markets Americas LLC cut its stake in Permian Resources Corporation (NYSE:PR) by 5.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 866,747 shares of the company’s stock after selling 46,800 shares during the quarter. Mizuho Markets Americas LLC’s holdings in Permian Resources were worth $12,160,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Ruffer LLP purchased a new position in shares of Permian Resources in the third quarter valued at $2,608,000. Grantham Mayo Van Otterloo & Co. LLC grew its position in shares of Permian Resources by 24.7% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,263,570 shares of the company’s stock valued at $169,774,000 after purchasing an additional 2,628,744 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Permian Resources by 101.0% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock valued at $6,920,000 after purchasing an additional 271,668 shares in the last quarter. SCP Investment LP grew its position in shares of Permian Resources by 225.0% in the third quarter. SCP Investment LP now owns 93,600 shares of the company’s stock valued at $1,198,000 after purchasing an additional 64,800 shares in the last quarter. Finally, Whittier Trust Co. purchased a new position in shares of Permian Resources in the third quarter valued at $6,107,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Price Performance

NYSE:PR opened at $20.45 on Friday. The firm has a market capitalization of $17.12 billion, a price-to-earnings ratio of 23.78 and a beta of 0.52. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67. The stock has a fifty day moving average of $20.53 and a 200 day moving average of $17.07. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (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 firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company’s revenue was up .9% compared to the same quarter last year. On average, research analysts expect that Permian Resources Corporation will post 1.98 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.1%. Permian Resources’s payout ratio is 74.42%.

Insider Activity

In other Permian Resources news, Director Aron Marquez sold 7,750 shares of Permian Resources stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total transaction of $152,055.00. Following the completion of the sale, the director owned 72,218 shares of the company’s stock, valued at $1,416,917.16. The trade was a 9.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William J. Quinn sold 512,429 shares of Permian Resources stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $19.59, for a total value of $10,038,484.11. Following the sale, the director directly owned 6,914,410 shares of the company’s stock, valued at approximately $135,453,291.90. This trade represents a 6.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 3,192,835 shares of company stock valued at $60,120,653. 5.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Morgan Stanley reissued an “overweight” rating on shares of Permian Resources in a research note on Friday, March 27th. UBS Group lifted their price objective on Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Truist Financial lifted their price objective on Permian Resources from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. BMO Capital Markets raised Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Finally, Scotiabank lifted their price objective on Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $22.38.

Permian Resources 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.