Franklin Resources Inc. Acquires 62,886 Shares of Permian Resources Co. (NYSE:PR)

Franklin Resources Inc. boosted its holdings in shares of Permian Resources Co. (NYSE:PR) by 4.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,423,695 shares of the company’s stock after purchasing an additional 62,886 shares during the quarter. Franklin Resources Inc.’s holdings in Permian Resources were worth $20,473,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Permian Resources by 12.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,024,949 shares of the company’s stock worth $13,950,000 after purchasing an additional 117,229 shares in the last quarter. Captrust Financial Advisors lifted its position in shares of Permian Resources by 6.1% in the third quarter. Captrust Financial Advisors now owns 41,942 shares of the company’s stock worth $571,000 after buying an additional 2,397 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Permian Resources by 5.1% during the third quarter. Janus Henderson Group PLC now owns 228,597 shares of the company’s stock valued at $3,110,000 after buying an additional 11,000 shares during the last quarter. IHT Wealth Management LLC purchased a new position in Permian Resources during the 3rd quarter valued at approximately $329,000. Finally, Quarry LP increased its stake in Permian Resources by 545.2% in the 3rd quarter. Quarry LP now owns 4,723 shares of the company’s stock worth $64,000 after acquiring an additional 3,991 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Trading Down 12.4 %

Shares of PR opened at $10.74 on Monday. The firm has a market capitalization of $8.63 billion, a price-to-earnings ratio of 6.51, a PEG ratio of 4.05 and a beta of 3.81. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 1-year low of $10.42 and a 1-year high of $18.28. The company has a 50-day moving average of $13.87 and a 200 day moving average of $14.34.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 5.59%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s dividend payout ratio is presently 41.96%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PR shares. Morgan Stanley cut their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Williams Trading set a $19.00 price objective on shares of Permian Resources in a research note on Wednesday, March 5th. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and upped their target price for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Citigroup lowered Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Finally, Truist Financial upped their price objective on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.13.

Insider Buying and Selling

In related news, CAO Robert Regan Shannon sold 2,731 shares of the company’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 completion of the sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Guy M. Oliphint sold 4,150 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.99, for a total transaction of $58,058.50. Following the transaction, the chief financial officer now directly owns 130,467 shares in the company, valued at $1,825,233.33. This trade represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock valued at $135,687 over the last quarter. 12.80% of the stock is owned by corporate insiders.

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.