Westfield Capital Management Co. LP Sells 1,737,162 Shares of Permian Resources Corporation $PR

by · The Markets Daily

Westfield Capital Management Co. LP lessened its holdings in shares of Permian Resources Corporation (NYSE:PR – Free Report) by 34.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,348,130 shares of the company’s stock after selling 1,737,162 shares during the period. Westfield Capital Management Co. LP owned approximately 0.42% of Permian Resources worth $45,602,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PR. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake 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 worth $31,000 after purchasing an additional 1,391 shares in the last quarter. Keystone Global Partners LLC bought a new position in Permian Resources in the first quarter valued at approximately $36,000. FNY Investment Advisers LLC acquired a new position in shares of Permian Resources in the second quarter valued at approximately $36,000. Parkside Financial Bank & Trust boosted its holdings in shares of Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after buying an additional 1,357 shares during the period. Finally, Brooklyn Investment Group increased its position in shares of Permian Resources by 433.9% during the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock worth $43,000 after acquiring an additional 2,534 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Piper Sandler cut their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday. Morgan Stanley reissued an “overweight” rating on shares of Permian Resources in a research note on Thursday. Mizuho cut their price target on Permian Resources from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Royal Bank Of Canada increased their price objective on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Thursday, October 9th. Finally, The Goldman Sachs Group lifted their target price on Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.80.

View Our Latest Report on Permian Resources

Permian Resources Trading Down 1.4%

Shares of NYSE:PR opened at $13.83 on Friday. The company’s 50-day moving average price is $12.95 and its two-hundred day moving average price is $13.42. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.33. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a market capitalization of $11.47 billion, a PE ratio of 12.68 and a beta of 1.31.

Permian Resources (NYSE:PR – Get Free Report) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the business earned $0.53 EPS. Permian Resources’s revenue was up 8.7% on a year-over-year basis. On average, equities analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.3%. Permian Resources’s payout ratio is 55.05%.

Insider Buying and Selling

In related news, EVP Robert Regan Shannon sold 4,742 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the transaction, the executive vice president directly owned 91,805 shares of the company’s stock, valued at approximately $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 6.44% of the company’s stock.

Permian Resources Profile

(Free Report)

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.

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