Nikko Asset Management Americas Inc. Purchases 8,187 Shares of Permian Resources Co. (NYSE:PR)

Nikko Asset Management Americas Inc. raised its position in Permian Resources Co. (NYSE:PR) by 17.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,688 shares of the company’s stock after purchasing an additional 8,187 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Permian Resources were worth $786,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Kingsview Wealth Management LLC purchased a new position in shares of Permian Resources during the fourth quarter worth about $632,000. Wright Investors Service Inc. purchased a new position in Permian Resources in the 4th quarter worth approximately $498,000. Point72 Asset Management L.P. grew its stake in Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after buying an additional 2,023,742 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Permian Resources by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock worth $62,407,000 after buying an additional 176,320 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Permian Resources during the 3rd quarter valued at $556,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

Permian Resources stock opened at $13.61 on Tuesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market cap of $10.93 billion, a P/E ratio of 8.25, a P/E/G ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 1-year low of $11.84 and a 1-year high of $18.28. The firm has a 50-day moving average of $14.39 and a 200-day moving average of $14.34.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.41%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is currently 41.96%.

Insider Transactions at Permian Resources

In related news, Director William J. Quinn acquired 500,000 shares of the stock in a transaction on Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the acquisition, the director now directly owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,446 shares of company stock worth $269,731. 12.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PR has been the subject of several research reports. Morgan Stanley began coverage on shares of Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price for the company. Truist Financial upped their price objective on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. JPMorgan Chase & Co. decreased their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Williams Trading set a $19.00 target price on Permian Resources in a research note on Wednesday, March 5th. Finally, Piper Sandler decreased their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and an average price target of $19.35.

About Permian Resources

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.