Vanguard Group Inc. Raises Position in Permian Resources Co. (NYSE:PR)

Vanguard Group Inc. grew its stake in Permian Resources Co. (NYSE:PR) by 1.3% during the fourth quarter, Holdings Channel reports. The firm owned 65,680,607 shares of the company’s stock after purchasing an additional 870,622 shares during the period. Vanguard Group Inc. owned approximately 0.08% of Permian Resources worth $944,487,000 as of its most recent SEC filing.

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

Insider Activity

In related news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction 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 trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,446 shares of company stock worth $269,731. 12.80% of the stock is owned by corporate insiders.

Permian Resources Stock Down 1.6 %

PR opened at $13.73 on Friday. Permian Resources Co. has a 12 month low of $11.84 and a 12 month high of $18.28. The company has a market cap of $11.03 billion, a PE ratio of 8.32, 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. The company has a 50 day moving average of $14.14 and a 200 day moving average of $14.35.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s payout ratio is currently 41.96%.

Analysts Set New Price Targets

PR has been the topic of several recent analyst reports. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and lifted their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Williams Trading set a $19.00 price target on Permian Resources in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Morgan Stanley lowered their target price on Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Piper Sandler reduced their price target 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 research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and an average target price of $19.31.

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.