Argent Trust Co Buys 2,200 Shares of Permian Resources Co. (NYSE:PR)

Argent Trust Co increased its stake in shares of Permian Resources Co. (NYSE:PR) by 10.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,470 shares of the company’s stock after acquiring an additional 2,200 shares during the quarter. Argent Trust Co’s holdings in Permian Resources were worth $323,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Permian Resources by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock worth $944,487,000 after acquiring an additional 870,622 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Permian Resources in the 4th quarter worth approximately $431,676,000. Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 1.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock valued at $265,209,000 after acquiring an additional 291,444 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Permian Resources by 7.2% in the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company’s stock valued at $196,025,000 after acquiring an additional 909,740 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Permian Resources by 1.6% during the fourth quarter. American Century Companies Inc. now owns 11,299,054 shares of the company’s stock valued at $162,480,000 after acquiring an additional 172,856 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Trading Up 4.6 %

NYSE:PR opened at $11.05 on Friday. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $18.28. The stock’s fifty day moving average price is $13.33 and its two-hundred day moving average price is $14.19. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market cap of $8.87 billion, a P/E ratio of 6.69, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 5.43%. Permian Resources’s dividend payout ratio (DPR) is 41.96%.

Insiders Place Their Bets

In other Permian Resources news, CFO Guy M. Oliphint sold 4,150 shares of the 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 sale, the chief financial officer now directly owns 130,467 shares in the company, valued at $1,825,233.33. This represents a 3.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William J. Quinn purchased 500,000 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The shares were 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 directly owns 812,429 shares in the company, valued at approximately $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. Insiders sold a total of 9,685 shares of company stock worth $135,687 in the last quarter. 12.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. JPMorgan Chase & Co. cut their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and increased their price target for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Bank of America decreased their price objective on shares of Permian Resources from $19.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Morgan Stanley dropped their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Finally, Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Permian Resources Company 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.