Smartleaf Asset Management LLC Acquires 1,751 Shares of Permian Resources Co. (NYSE:PR)

Smartleaf Asset Management LLC boosted its holdings in Permian Resources Co. (NYSE:PR) by 93.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,634 shares of the company’s stock after purchasing an additional 1,751 shares during the period. Smartleaf Asset Management LLC’s holdings in Permian Resources were worth $51,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. US Bancorp DE lifted its stake in Permian Resources by 113.9% in the fourth quarter. US Bancorp DE now owns 20,623 shares of the company’s stock worth $297,000 after purchasing an additional 10,981 shares during the last quarter. QRG Capital Management Inc. purchased a new position in shares of Permian Resources in the fourth quarter valued at about $196,000. Proficio Capital Partners LLC purchased a new position in shares of Permian Resources in the fourth quarter valued at about $207,000. Oregon Public Employees Retirement Fund increased its position in shares of Permian Resources by 0.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company’s stock valued at $1,862,000 after acquiring an additional 900 shares during the period. Finally, JFG Wealth Management LLC purchased a new position in shares of Permian Resources in the fourth quarter valued at about $1,266,000. 91.84% of the stock is owned by institutional investors.

Insider Buying and Selling at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the 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 sale, the chief financial officer now owns 134,617 shares in the company, valued at $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William J. Quinn purchased 500,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were purchased at an average price 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. The trade was a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 18,446 shares of company stock valued at $269,731. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE PR opened at $12.34 on Tuesday. Permian Resources Co. has a fifty-two week low of $11.84 and a fifty-two week high of $18.28. The company has a 50 day simple moving average of $14.54 and a two-hundred day simple moving average of $14.38. The company has a market capitalization of $9.91 billion, a price-to-earnings ratio of 7.48, a P/E/G ratio of 4.05 and a beta of 4.30. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.86%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio is 41.96%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PR shares. Truist Financial boosted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. 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 research report on Thursday, March 6th. Morgan Stanley started coverage on shares of Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective on the stock. Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Finally, Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and boosted their price target for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.29.

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.