Aron Marquez Sells 7,750 Shares of Permian Resources (NYSE:PR) Stock

Permian Resources Corporation (NYSE:PR) Director Aron Marquez sold 7,750 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total value of $152,055.00. Following the completion of the sale, the director directly owned 72,218 shares of the company’s stock, valued at approximately $1,416,917.16. The trade was a 9.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Aron Marquez also recently made the following trade(s):

• On Tuesday, March 17th, Aron Marquez sold 5,250 shares of Permian Resources stock. The stock was sold at an average price of $19.57, for a total value of $102,742.50.

Permian Resources Stock Up 0.6%

PR opened at $20.08 on Friday. The stock’s fifty day simple moving average is $17.08 and its 200 day simple moving average is $14.77. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $20.41. The stock has a market cap of $16.66 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 4.00 and a beta of 0.66. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31.

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

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s payout ratio is presently 51.20%.

Institutional Trading of Permian Resources

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock worth $1,057,930,000 after purchasing an additional 3,941,318 shares during the period. Dimensional Fund Advisors LP lifted its position in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after purchasing an additional 4,533,732 shares during the period. Bank of New York Mellon Corp lifted its position in Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares during the period. State Street Corp grew its stake in Permian Resources by 2.0% during the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after buying an additional 460,158 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Permian Resources by 8.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after buying an additional 1,421,059 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Raymond James Financial reissued a “strong-buy” rating and issued a $21.00 price target on shares of Permian Resources in a report on Thursday, February 26th. Morgan Stanley reduced their price objective on Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Piper Sandler increased their target price on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Zacks Research raised Permian Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Finally, Bank of America restated a “neutral” rating and issued a $16.00 price target (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.85.

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.