Applied Finance Capital Management LLC Purchases New Stake in Permian Resources Co. (NYSE:PR)

Applied Finance Capital Management LLC acquired a new position in Permian Resources Co. (NYSE:PR) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,980 shares of the company’s stock, valued at approximately $230,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PR. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Permian Resources by 0.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock worth $2,021,000 after acquiring an additional 662 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in Permian Resources by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock worth $2,540,000 after purchasing an additional 700 shares in the last quarter. Sunbelt Securities Inc. boosted its position in Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after purchasing an additional 800 shares in the last quarter. CIBC Asset Management Inc grew its holdings in Permian Resources by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock valued at $226,000 after purchasing an additional 805 shares during the last quarter. Finally, Principal Securities Inc. increased its position 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. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Down 4.8 %

Shares of PR opened at $10.37 on Wednesday. Permian Resources Co. has a fifty-two week low of $10.05 and a fifty-two week high of $18.28. The company’s fifty day moving average is $13.60 and its two-hundred day moving average is $14.27. The firm has a market cap of $8.33 billion, a PE ratio of 6.28, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. 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 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 5.79%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s payout ratio is currently 41.96%.

Analyst Ratings Changes

Several equities research analysts recently commented on PR shares. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and boosted their price objective for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Williams Trading set a $19.00 price target on shares of Permian Resources in a report on Wednesday, March 5th. Morgan Stanley dropped their price objective on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Piper Sandler reduced their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Finally, Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

Insider Buying and Selling at Permian Resources

In related news, CFO Guy M. Oliphint sold 4,150 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the transaction, the chief financial officer now owns 130,467 shares in the company, valued at approximately $1,825,233.33. This trade represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William J. Quinn purchased 500,000 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were acquired at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 9,685 shares of company stock valued at $135,687. Company insiders own 12.80% of the company’s stock.

Permian Resources Profile

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.