Permian Resources Co. (NASDAQ:PR) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its stake in Permian Resources Co. (NASDAQ:PR - Free Report) by 50.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,849,353 shares of the company's stock after selling 1,899,285 shares during the period. Victory Capital Management Inc. owned about 0.24% of Permian Resources worth $29,867,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in PR. Global Retirement Partners LLC purchased a new stake in Permian Resources in the 1st quarter valued at $25,000. YHB Investment Advisors Inc. acquired a new position in Permian Resources in the 1st quarter valued at about $26,000. Rise Advisors LLC purchased a new stake in shares of Permian Resources during the first quarter worth approximately $32,000. Innealta Capital LLC purchased a new position in Permian Resources during the 2nd quarter worth $30,000. Finally, Transcendent Capital Group LLC purchased a new stake in Permian Resources in the 1st quarter valued at approximately $36,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Insider Transactions at Permian Resources

In other news, CAO Robert Regan Shannon sold 4,822 shares of the business's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares of the company's stock, valued at $855,288.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the business's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. Insiders own 12.80% of the company's stock.

Permian Resources Price Performance

Shares of Permian Resources stock traded up $0.14 during trading on Wednesday, reaching $13.04. The company's stock had a trading volume of 8,545,143 shares, compared to its average volume of 9,913,992. The business has a 50 day moving average price of $14.95 and a 200-day moving average price of $15.95. The company has a market capitalization of $10.47 billion, a P/E ratio of 8.72, a price-to-earnings-growth ratio of 0.72 and a beta of 4.33. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28.

Permian Resources (NASDAQ:PR - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The company's revenue was up 99.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.27 EPS. As a group, sell-side analysts anticipate that Permian Resources Co. will post 1.63 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date was Monday, August 19th. Permian Resources's dividend payout ratio is presently 21.82%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets raised shares of Permian Resources from a "market perform" rating to an "outperform" rating and set a $21.00 price objective for the company in a research report on Wednesday, July 3rd. Bank of America reiterated a "buy" rating and issued a $20.00 target price on shares of Permian Resources in a report on Friday, June 14th. Royal Bank of Canada reissued an "outperform" rating and issued a $20.00 price objective on shares of Permian Resources in a research note on Monday, August 12th. UBS Group cut their price objective on Permian Resources from $21.00 to $19.00 and set a "buy" rating for the company in a report on Friday, August 9th. Finally, Susquehanna decreased their target price on Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $19.93.

Permian Resources Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.