Permian Resources Co. (NYSE:PR) Shares Acquired by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA increased its stake in shares of Permian Resources Co. (NYSE:PR) by 1.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,442,921 shares of the company’s stock after acquiring an additional 291,444 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Permian Resources were worth $265,209,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PR. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $431,676,000. Yaupon Capital Management LP boosted its stake in Permian Resources by 225.0% during the 3rd quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock worth $51,016,000 after purchasing an additional 2,595,137 shares during the period. Point72 Asset Management L.P. boosted its stake in Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after purchasing an additional 2,023,742 shares during the period. Perpetual Ltd acquired a new position in Permian Resources in the fourth quarter valued at $27,104,000. Finally, Geode Capital Management LLC raised its holdings in shares of Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after buying an additional 1,638,618 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the transaction, the executive vice president now directly owns 74,433 shares in the company, valued at $1,044,294.99. The trade was a 3.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William J. Quinn purchased 500,000 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 9,685 shares of company stock worth $135,687. 12.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PR has been the topic of a number of research reports. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and raised their price target for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Piper Sandler cut their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Morgan Stanley lowered 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. Finally, Bank of America cut their price objective on shares of Permian Resources from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.13.

Permian Resources Trading Down 13.6 %

Shares of Permian Resources stock opened at $12.26 on Friday. The company has a 50-day moving average of $13.96 and a two-hundred day moving average of $14.36. The stock has a market cap of $9.85 billion, a PE ratio of 7.43, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12-month low of $11.84 and a 12-month high of $18.28.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.15 per share. The ex-dividend date was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.90%. Permian Resources’s payout ratio is 41.96%.

Permian Resources 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.