Forum Financial Management LP Acquires 5,705 Shares of Permian Resources Co. (NYSE:PR)

Forum Financial Management LP lifted its holdings in shares of Permian Resources Co. (NYSE:PR) by 39.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,280 shares of the company’s stock after acquiring an additional 5,705 shares during the period. Forum Financial Management LP’s holdings in Permian Resources were worth $292,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PR. Vanguard Group Inc. raised its stake in shares of Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock worth $944,487,000 after purchasing an additional 870,622 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources in the 4th quarter valued at $431,676,000. Massachusetts Financial Services Co. MA raised its position in Permian Resources by 1.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock valued at $265,209,000 after buying an additional 291,444 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Permian Resources by 7.2% during the 4th 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. boosted its holdings in Permian Resources by 1.6% during the 4th quarter. American Century Companies Inc. now owns 11,299,054 shares of the company’s stock worth $162,480,000 after acquiring an additional 172,856 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Trading Down 3.4 %

Shares of PR stock opened at $11.62 on Tuesday. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $17.62. The company’s fifty day simple moving average is $12.97 and its two-hundred day simple moving average is $14.10. 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 stock has a market capitalization of $9.34 billion, a price-to-earnings ratio of 7.04, a PEG ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

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 5.16%. Permian Resources’s dividend payout ratio (DPR) is 41.96%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PR shares. Bank of America dropped their price target on shares of Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Williams Trading set a $19.00 target price on Permian Resources in a report on Wednesday, March 5th. Piper Sandler dropped their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Finally, Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $18.73.

Insiders Place Their Bets

In related news, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the completion of the sale, the chief financial officer now owns 130,467 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Quinn bought 500,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was acquired at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the purchase, the director now directly 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 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.

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.