Permian Resources EVP sells over $67k in stock to cover taxes
Permian Resources Corp (NYSE:PR) Executive Vice President and General Counsel, John Charles Bell, recently sold shares of the company’s stock, primarily to cover tax withholding obligations related to the vesting of a restricted stock award. The transaction, which took place on September 3, 2024, involved the sale of 4,821 shares at a weighted average price of $13.9335, resulting in a total sale value of $67,173.
The sale was executed through a series of transactions with prices ranging from $13.83 to $14.00 per share. The nature of these sales was part of a mandatory “sell to cover” transaction, which is a common practice for executives to satisfy tax liabilities that arise when restricted stock vests. It is important to note that these sales were not discretionary trades made by Mr. Bell.
Following the transaction, Mr. Bell’s ownership in Permian Resources Corp stands at 77,237 shares of Class A Common Stock. This information provides a glimpse into the trading activities of top executives within the company, which may be of interest to current and potential investors.
Permian Resources Corp, with its headquarters in Midland, Texas, operates within the crude petroleum and industry. The company, formerly known as Centennial Resource Development (NYSE:), Inc., has undergone several name changes, with its roots tracing back to Silver Run Acquisition Corp .
Investors often keep a close eye on insider transactions as they can provide insights into an executive’s view of the company’s stock value and financial health. However, it’s worth noting that sales to cover tax obligations are a routine part of compensation for executives and may not necessarily signal a lack of confidence in the company.
The details of the transaction are publicly available and were filed with the Securities and Exchange Commission on September 5, 2024.
In other recent news, Permian Resources Corp has made significant strides in its financial and operational performance. The company reported a robust second quarter with oil production reaching 153,000 barrels per day and a total of 339,000 barrels of oil equivalent per day. Additionally, Permian Resources raised its full-year production guidance.
Permian Resources recently issued $1 billion in 6.25% senior unsecured notes due in 2033, while simultaneously announcing a cash purchase offer for its outstanding 7.75% Senior Notes due 2026. This financial strategy was accompanied by a substantial expansion of its share buyback program, doubling the authorization for share repurchases from $500 million to $1 billion.
Roth/MKM maintained a positive outlook on Permian Resources, reaffirming a Buy rating and a steady price target of $20.00. This decision was influenced by the company’s consistent capital returns to shareholders and reasonable production growth.
In a strategic move, Permian Resources acquired Barilla Draw assets from OXY, expected to contribute to high-return inventory in the Texas Delaware region and support future growth. These recent developments indicate Permian Resources’ commitment to strategic growth and financial stability.
InvestingPro Insights
As investors consider the recent insider trading activities of Permian Resources Corp (NYSE:PR) Executive Vice President and General Counsel, John Charles Bell, it’s beneficial to analyze the company’s financial health and stock performance through additional metrics. Permian Resources Corp’s market capitalization stands at a robust $10.81 billion, reflecting the company’s substantial size and influence within the crude petroleum and natural gas industry. The company has shown remarkable revenue growth over the last twelve months as of Q2 2024, with an increase of 71.32%, signaling strong performance and potential for continued expansion.
The company’s stock exhibits a Price/Earnings (P/E) ratio of 9.61, which may suggest an attractive valuation compared to industry peers. Additionally, the dividend yield as of the last recorded date is 5.67%, indicating a commitment to returning value to shareholders, as further evidenced by the company’s history of raising its dividend for three consecutive years—an InvestingPro Tip that highlights the firm’s shareholder-friendly practices.
InvestingPro Tips also indicate that analysts are optimistic about Permian Resources Corp’s future, expecting the company to be profitable this year. This is an essential consideration for investors as they weigh the implications of insider transactions against broader financial performance. For those seeking more in-depth analysis, InvestingPro offers additional tips on Permian Resources Corp at https://www.investing.com/pro/PR, providing a more comprehensive understanding of the company’s prospects and stock dynamics.
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