HighPoint Advisor Group LLC Buys 4,478 Shares of Permian Resources Co. (NYSE:PR)

HighPoint Advisor Group LLC lifted its stake in shares of Permian Resources Co. (NYSE:PR) by 30.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,418 shares of the company’s stock after acquiring an additional 4,478 shares during the period. HighPoint Advisor Group LLC’s holdings in Permian Resources were worth $291,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Securities Inc. increased its holdings in Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares in the last quarter. ORG Wealth Partners LLC acquired a new stake in Permian Resources in the 4th quarter valued at approximately $31,000. Global Retirement Partners LLC raised its position in Permian Resources by 98.4% in the 4th 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 during the last quarter. Rakuten Securities Inc. lifted its stake in Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after acquiring an additional 2,305 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its position in Permian Resources by 294.8% during the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock worth $42,000 after acquiring an additional 2,155 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on PR. Morgan Stanley cut their price objective on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. JPMorgan Chase & Co. cut their price target 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. Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Williams Trading set a $19.00 target price on Permian Resources in a report on Wednesday, March 5th. Finally, Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and raised their price target for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $19.13.

Insiders Place Their Bets

In other news, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the sale, the executive vice president now directly owns 74,433 shares in the company, valued at approximately $1,044,294.99. The trade was a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was 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 in the company, valued at $822,525.36. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,685 shares of company stock worth $135,687 in the last 90 days. Company insiders own 12.80% of the company’s stock.

Permian Resources Trading Down 13.6 %

Shares of NYSE:PR opened at $12.26 on Friday. Permian Resources Co. has a 12-month low of $11.84 and a 12-month high of $18.28. The business has a 50 day moving average of $13.96 and a 200-day moving average of $14.36. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $9.85 billion, a PE ratio of 7.43, a P/E/G ratio of 4.05 and a beta of 4.30.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 4.90%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s dividend payout ratio is 41.96%.

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.