Permian Resources Corporation $PR Shares Sold by SIR Capital Management L.P.

SIR Capital Management L.P. cut its stake in Permian Resources Corporation (NYSE:PR) by 46.2% in the fourth quarter, Holdings Channel reports. The firm owned 2,639,388 shares of the company’s stock after selling 2,269,432 shares during the period. Permian Resources comprises 4.1% of SIR Capital Management L.P.’s holdings, making the stock its 3rd largest position. SIR Capital Management L.P.’s holdings in Permian Resources were worth $37,031,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Los Angeles Capital Management LLC acquired a new stake in Permian Resources in the 4th quarter worth approximately $39,000. State of Wyoming boosted its stake in Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake 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 purchasing an additional 3,224 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in Permian Resources in the 4th quarter worth approximately $60,000. Finally, Farther Finance Advisors LLC boosted its stake in Permian Resources by 126.1% in the 4th quarter. Farther Finance Advisors LLC now owns 4,442 shares of the company’s stock worth $62,000 after purchasing an additional 2,477 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PR. The Goldman Sachs Group lifted their target price on shares of Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Scotiabank lifted their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 22nd. Roth Mkm restated a “neutral” rating and set a $22.00 price objective (up from $20.00) on shares of Permian Resources in a research note on Wednesday, April 8th. KeyCorp assumed coverage on shares of Permian Resources in a research note on Tuesday, April 7th. They set an “overweight” rating and a $25.00 price objective for the company. Finally, Royal Bank Of Canada lifted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $22.69.

Permian Resources Price Performance

NYSE:PR opened at $19.48 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market cap of $16.31 billion, a price-to-earnings ratio of 22.65 and a beta of 0.48. The company has a 50 day moving average price of $20.32 and a 200-day moving average price of $17.74. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $22.67.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 EPS. Equities research analysts forecast that Permian Resources Corporation will post 2.01 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources’s payout ratio is presently 74.42%.

Insider Buying and Selling

In related news, Director Aron Marquez sold 7,750 shares of the business’s stock in a transaction 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William J. Quinn sold 512,429 shares of the business’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the completion of the sale, the director directly owned 6,914,410 shares of the company’s stock, valued at approximately $135,453,291.90. The trade was a 6.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 588,198 shares of company stock valued at $11,576,280. 5.00% of the stock is owned by corporate insiders.

Permian Resources Company 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.