CIBC Asset Management Inc Buys 805 Shares of Permian Resources Co. (NYSE:PR)

CIBC Asset Management Inc grew its stake in shares of Permian Resources Co. (NYSE:PR) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,703 shares of the company’s stock after buying an additional 805 shares during the period. CIBC Asset Management Inc’s holdings in Permian Resources were worth $226,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PR. Blue Trust Inc. grew its position in shares of Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after purchasing an additional 2,629 shares during the period. Hennion & Walsh Asset Management Inc. acquired a new position in shares of Permian Resources in the 3rd quarter valued at approximately $343,000. Louisiana State Employees Retirement System grew its position in shares of Permian Resources by 21.1% in the 3rd quarter. Louisiana State Employees Retirement System now owns 175,900 shares of the company’s stock valued at $2,394,000 after purchasing an additional 30,600 shares during the period. Arkadios Wealth Advisors acquired a new position in shares of Permian Resources in the 3rd quarter valued at approximately $202,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Permian Resources by 1.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 158,234 shares of the company’s stock valued at $2,154,000 after purchasing an additional 2,360 shares during the period. Institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on PR. Truist Financial upped their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Piper Sandler upped their price target on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Morgan Stanley began coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price target for the company. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average price target of $19.13.

Permian Resources Stock Down 2.9 %

PR stock opened at $13.65 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market capitalization of $10.97 billion, a price-to-earnings ratio of 8.27, a PEG ratio of 4.05 and a beta of 4.28. The business’s fifty day moving average price is $14.67 and its two-hundred day moving average price is $14.48. Permian Resources Co. has a fifty-two week low of $12.62 and a fifty-two week high of $18.28.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.40%. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Insider Transactions at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.80% of the stock is currently owned by insiders.

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.