Permian Resources Co. (NYSE:PR) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. trimmed its position in Permian Resources Co. (NYSE:PR) by 71.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,256 shares of the company’s stock after selling 8,252 shares during the period. Bessemer Group Inc.’s holdings in Permian Resources were worth $47,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of PR. Principal Securities Inc. lifted its stake in shares of Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after buying an additional 852 shares during the period. ORG Wealth Partners LLC purchased a new position in shares of Permian Resources during the 4th quarter worth $31,000. Global Retirement Partners LLC boosted its holdings in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after purchasing an additional 1,232 shares during the last quarter. Rakuten Securities Inc. grew its position in shares of Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after purchasing an additional 2,305 shares during the period. Finally, Lindbrook Capital LLC increased its stake in Permian Resources by 294.8% in the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock valued at $42,000 after purchasing an additional 2,155 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Permian Resources news, Director William J. Quinn acquired 500,000 shares of the stock in a transaction on Monday, March 3rd. The stock was purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Guy M. Oliphint sold 4,150 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the transaction, the chief financial officer now directly owns 130,467 shares in the company, valued at approximately $1,825,233.33. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,685 shares of company stock valued at $135,687 in the last quarter. Company insiders own 12.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PR shares. Citigroup lowered Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Williams Trading set a $19.00 target price on shares of Permian Resources in a report on Wednesday, March 5th. Truist Financial upped their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Bank of America lowered 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 note on Tuesday, April 1st. Finally, Morgan Stanley cut their target price on Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, one has assigned 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 an average target price of $18.73.

Permian Resources Stock Performance

Permian Resources stock opened at $12.04 on Friday. 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 Co. has a one year low of $10.01 and a one year high of $17.67. The stock’s 50 day moving average price is $13.08 and its 200 day moving average price is $14.13. The firm has a market capitalization of $9.67 billion, a PE ratio of 7.29, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.99%. Permian Resources’s dividend payout ratio (DPR) is presently 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.