MIDLAND, Texas—Permian Resources Corp (NASDAQ:PR), a $12 billion market cap oil and gas producer with an “EXCELLENT” financial health rating by InvestingProsaw its executive vice president and chief financial officer Guy M. Oliphint sell shares in the company recently, according to a recent SEC filing. On January 3, Oliphint sold 8,761 shares of Class A Common Stock, resulting in a total transaction worth $134,017. Shares were traded at a weighted average price of $15.297, with prices ranging from $15.21 to $15.35.
The sale was part of a mandatory “sale to cover” transaction, which was made to cover withholding tax liabilities associated with the grant of restricted stock awards. This type of transaction is not considered a discretionary trade by the applicant. Following the sale, Oliphint retains direct ownership of 134,617 shares in Permian Resources.
In other recent news, financial services firm Piper Sandler and investment firms TD Cowen and Citi provided their analysis of exploration and production companies. Piper Sandler highlighted Diamondback (NASDAQ:) Energy, Coterra Energy (NYSE:), Pioneer Natural Resources (NYSE:) and Crescent Point Energy (NYSE:) for their operating efficiency and growth potential. Meanwhile, both TD Cowen and Citi maintained their Buy ratings on Permian Resources, citing the company’s strong operating performance and financial resilience.
Permian Resources reported strong Q3 2024 earnings, beating consensus and analyst projections with adjusted cash flow of approximately $821.9 million. The company also beat oil production expectations with a daily output of 161,000 barrels, raising its full-year oil guidance for the third time this year. In addition, Permian Resources successfully integrated the Earthstone assets, contributing to lower operating costs and increasing Gulf Coast sales by 50%.
The company also increased its basic dividend by 150% to $0.60 per share and increased its repurchase authorization to $1 billion. Despite forecasting a slight increase in capital expenditures in the fourth quarter due to fluctuations in working interest and a smaller increase in operating expenses, Permian Resources remains focused on operating efficiency and maintaining a strong financial position. These recent developments reflect the company’s ability to weather market volatility and deliver strong results.
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