Victory Capital Management Inc. Sells 295,221 Shares of Permian Resources Corporation $PR

Victory Capital Management Inc. lessened its stake in shares of Permian Resources Corporation (NYSE:PR) by 7.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,873,282 shares of the company’s stock after selling 295,221 shares during the quarter. Victory Capital Management Inc.’s holdings in Permian Resources were worth $49,578,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its stake in shares of Permian Resources by 114.1% in the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after buying an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Permian Resources by 154.4% during the 2nd 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. Parkside Financial Bank & Trust grew its holdings in Permian Resources by 90.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after acquiring an additional 1,357 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after acquiring an additional 3,224 shares during the last quarter. Finally, Allworth Financial LP increased its position in shares of Permian Resources by 162.4% in the second quarter. Allworth Financial LP now owns 5,430 shares of the company’s stock valued at $74,000 after acquiring an additional 3,361 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 0.2%

Shares of NYSE:PR opened at $18.88 on Friday. The firm has a market capitalization of $15.66 billion, a P/E ratio of 15.10 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a 50 day moving average price of $15.99 and a 200-day moving average price of $14.38. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $19.38.

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

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.4%. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s payout ratio is currently 48.00%.

Trending Headlines about Permian Resources

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

• Positive Sentiment: Piper Sandler raised its price target to $24 and moved to an “overweight” rating, implying material upside and likely supporting buying interest. Piper Sandler raises target
• Positive Sentiment: UBS increased its target to $23 and kept a “buy” rating, another buy-side endorsement that can attract institutional flows. UBS raises target
• Positive Sentiment: Citigroup lifted its target to $21 and reiterated a “buy” note, adding to the cluster of upgrades. Citigroup raises target
• Positive Sentiment: Permian raised its quarterly dividend to $0.16 (ex?div Mar 17; payable Mar 31), increasing yield and making the shares more attractive to income-focused investors. MarketBeat — Dividend announcement
• Positive Sentiment: Large institutional purchases reported earlier (BNY Mellon, Vanguard, Millennium et al.) show heavy institutional ownership and recent inflows that can support the stock on positive news. MarketBeat — Institutional holdings
• Neutral Sentiment: Q4 results were mixed — EPS beat ($0.37 vs. $0.28) but revenue missed and was down ~9.8% YoY. The print supports valuation but raises questions on top-line momentum. MarketBeat — Q4 results
• Neutral Sentiment: Analyst coverage roundup (Benzinga) highlights divergent targets/ratings — useful context for trading but not a single directional catalyst. Benzinga analyst roundup
• Negative Sentiment: Clustered insider selling: multiple senior executives disclosed multi?million?dollar sales (including large blocks by the CEO and other EVPs). Heavy insider dispositions can sap sentiment and raise questions about timing/intent. InsiderTrades — Insider selling
• Negative Sentiment: Benchmark downgraded PR from “buy” to “hold,” which could reduce urgency among some buy?side managers despite other upgrades. MSN — Benchmark downgrade

Insider Transactions at Permian Resources

In related news, CEO James H. Walter sold 673,425 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 $12,377,551.50. Following the sale, the chief executive officer owned 9,389,405 shares of the company’s stock, valued at $172,577,263.90. The trade was a 6.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Charles Bell sold 158,385 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the completion of the sale, the executive vice president owned 1,567,172 shares in the company, valued at approximately $28,820,293.08. This trade represents a 9.18% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 3,965,093 shares of company stock worth $62,487,101. 6.44% of the stock is owned by insiders.

Analyst Ratings Changes

PR has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th. Morgan Stanley decreased their target price on Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Susquehanna cut their price target on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a report on Monday, January 26th. The Goldman Sachs Group boosted their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Finally, Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and an average price target of $19.69.

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.