Swiss National Bank Boosts Stake in Permian Resources Co. (NYSE:PR)

Swiss National Bank lifted its holdings in Permian Resources Co. (NYSE:PR) by 16.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,173,348 shares of the company’s stock after buying an additional 162,600 shares during the quarter. Swiss National Bank’s holdings in Permian Resources were worth $16,873,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PR. Principal Securities Inc. boosted its stake in shares of Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after buying an additional 852 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Permian Resources in the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC boosted its stake in shares of Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after buying an additional 1,232 shares in the last quarter. Rakuten Securities Inc. boosted its stake in shares of Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after buying an additional 2,305 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its stake in shares of Permian Resources by 294.8% in the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock valued at $42,000 after buying an additional 2,155 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director William J. Quinn purchased 500,000 shares of the stock in a transaction on Monday, March 3rd. The stock was purchased at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at approximately $822,525.36. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,446 shares of company stock valued at $269,731 over the last quarter. Company insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE:PR opened at $13.56 on Wednesday. The company has a market cap of $10.89 billion, a P/E ratio of 8.22, a P/E/G ratio of 4.05 and a beta of 4.30. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 52 week low of $11.84 and a 52 week high of $18.28. The business has a fifty day simple moving average of $14.37 and a 200-day simple moving average of $14.33.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s dividend payout ratio is currently 41.96%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PR. JPMorgan Chase & Co. reduced their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Morgan Stanley began coverage on Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and lifted their price objective for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. Finally, Piper Sandler reduced their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus target price 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.