Advisors Asset Management Inc. Grows Stake in Permian Resources Co. (NYSE:PR)

Advisors Asset Management Inc. raised its stake in Permian Resources Co. (NYSE:PR) by 67.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 204,501 shares of the company’s stock after acquiring an additional 82,038 shares during the period. Advisors Asset Management Inc.’s holdings in Permian Resources were worth $2,941,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PR. Yaupon Capital Management LP grew its stake in shares of Permian Resources by 225.0% in the third quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock worth $51,016,000 after acquiring an additional 2,595,137 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of Permian Resources by 58.3% in the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after acquiring an additional 2,023,742 shares during the last quarter. Perpetual Ltd purchased a new stake in shares of Permian Resources in the fourth quarter worth $27,104,000. Geode Capital Management LLC grew its stake 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 worth $148,957,000 after acquiring an additional 1,638,618 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Permian Resources by 9.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after acquiring an additional 1,543,854 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Piper Sandler dropped their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Morgan Stanley assumed coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective on the stock. Williams Trading set a $19.00 price objective on Permian Resources in a research report on Wednesday, March 5th. Truist Financial increased their price objective on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and an average target price of $19.35.

Permian Resources Stock Down 1.3 %

NYSE PR opened at $13.79 on Friday. The stock’s 50-day moving average price is $14.30 and its 200-day moving average price is $14.33. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 52 week low of $11.84 and a 52 week high of $18.28. The company has a market capitalization of $11.08 billion, a P/E ratio of 8.35, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.35%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is currently 41.96%.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 2,804 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 74,433 shares in the company, valued at approximately $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Guy M. Oliphint sold 8,761 shares of the firm’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 value of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,446 shares of company stock valued at $269,731 over the last quarter. 12.80% of the stock is currently owned by company insiders.

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.