QRG Capital Management Inc. Takes $196,000 Position in Permian Resources Co. (NYSE:PR)

QRG Capital Management Inc. acquired a new stake in Permian Resources Co. (NYSE:PR) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 13,612 shares of the company’s stock, valued at approximately $196,000.

Several other large investors have also made changes to their positions in PR. Yaupon Capital Management LP grew its holdings in shares of Permian Resources by 225.0% in 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 last quarter. Point72 Asset Management L.P. grew its holdings 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 acquiring an additional 2,023,742 shares during the last quarter. Perpetual Ltd bought a new stake in Permian Resources during the 4th quarter worth about $27,104,000. Geode Capital Management LLC grew its holdings in Permian Resources by 17.6% during the 3rd 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 holdings in Permian Resources by 9.3% during the 3rd 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. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Performance

Shares of NYSE:PR opened at $12.68 on Friday. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of 7.68, a P/E/G ratio of 4.05 and a beta of 4.30. The firm’s 50 day simple moving average is $14.60 and its 200 day simple moving average is $14.40. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a fifty-two week low of $11.84 and a fifty-two week high of $18.28.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.73%. Permian Resources’s dividend payout ratio is 41.96%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and increased their price objective for the stock from $17.00 to $20.00 in a report on Wednesday. Truist Financial increased their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Citigroup decreased their price objective on shares of Permian Resources from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday. Piper Sandler decreased their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Morgan Stanley began coverage on shares of Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective on the stock. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Permian Resources has a consensus rating of “Buy” and a consensus target price of $19.31.

Insider Activity at Permian Resources

In related news, Director William J. Quinn bought 500,000 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction that occurred 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 owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,446 shares of company stock worth $269,731 in the last ninety days. Company insiders own 12.80% of the company’s stock.

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.