Permian Resources Co. (NASDAQ:PR) Major Shareholder Xi Us Holdings L.P. Ngp Sells 17,304,930 Shares

Permian Resources Co. (NASDAQ:PRGet Rating) major shareholder Xi Us Holdings L.P. Ngp sold 17,304,930 shares of Permian Resources stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $10.70, for a total transaction of $185,162,751.00. Following the completion of the sale, the insider now directly owns 60,792,641 shares in the company, valued at approximately $650,481,258.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Permian Resources Price Performance

Shares of NASDAQ PR opened at $10.34 on Wednesday. The firm has a 50-day simple moving average of $10.29. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $5.78 billion, a P/E ratio of 6.42 and a beta of 4.54. Permian Resources Co. has a 12-month low of $5.08 and a 12-month high of $12.05.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Tuesday, March 7th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, March 6th. Permian Resources’s dividend payout ratio is presently 12.42%.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently modified their holdings of the company. First Horizon Advisors Inc. acquired a new position in Permian Resources during the third quarter worth approximately $31,000. Strategic Asset Management LLC acquired a new position in Permian Resources during the third quarter worth approximately $34,000. UMB Bank n.a. acquired a new position in Permian Resources during the fourth quarter worth approximately $35,000. Neo Ivy Capital Management acquired a new position in Permian Resources during the third quarter worth approximately $46,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Permian Resources during the third quarter worth approximately $64,000. Institutional investors and hedge funds own 88.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PR. Citigroup boosted their price objective on shares of Permian Resources from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, March 1st. Cowen raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price objective on the stock in a report on Wednesday, March 1st. Cowen raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price objective on the stock in a report on Wednesday, March 1st. Truist Financial boosted their price objective on shares of Permian Resources from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, February 1st. Finally, Mizuho boosted their price objective on shares of Permian Resources from $12.00 to $13.00 in a report on Friday, March 10th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

Permian Resources Company Profile

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Permian Resources Corp. operates as an oil and natural gas company. It focuses on the development of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. The company was founded on October 6, 2014 and is headquartered in Denver, CO.

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