Lido Advisors LLC Raises Stock Position in Permian Resources Co. (NYSE:PR)

Lido Advisors LLC grew its holdings in Permian Resources Co. (NYSE:PR) by 65.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 759,244 shares of the company’s stock after acquiring an additional 300,262 shares during the period. Lido Advisors LLC’s holdings in Permian Resources were worth $10,918,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PR. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Permian Resources in the 4th quarter worth $431,676,000. Price T Rowe Associates Inc. MD grew its holdings in Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $469,856,000 after purchasing an additional 12,306,854 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Permian Resources by 55.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock valued at $169,864,000 after purchasing an additional 4,236,141 shares during the last quarter. Invesco Ltd. grew its holdings in Permian Resources by 56.1% during the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company’s stock valued at $113,900,000 after purchasing an additional 2,845,449 shares during the last quarter. Finally, Perpetual Ltd bought a new position in Permian Resources during the 4th quarter valued at about $27,104,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Permian Resources

In related news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the sale, the chief accounting officer now 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 SEC, which is available at this link. Also, 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 transaction of $58,058.50. Following the sale, the chief financial officer now directly owns 130,467 shares of the company’s stock, valued at $1,825,233.33. The trade was a 3.08 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,685 shares of company stock valued at $135,687. Company insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of PR opened at $12.39 on Tuesday. The company has a 50 day moving average price of $12.75 and a 200-day moving average price of $14.02. Permian Resources Co. has a fifty-two week low of $10.01 and a fifty-two week high of $17.62. The stock has a market capitalization of $9.96 billion, a PE ratio of 7.51, a PEG ratio of 4.05 and a beta of 3.81. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.84%. Permian Resources’s payout ratio is presently 41.96%.

Analysts Set New Price Targets

PR has been the topic of several analyst reports. Truist Financial upped their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. 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 report on Thursday, March 13th. Williams Trading set a $19.00 price target on shares of Permian Resources in a report on Wednesday, March 5th. Morgan Stanley lowered 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 report on Thursday, March 27th. Finally, Piper Sandler lowered their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.67.

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.