Permian Resources Co. (NYSE:PR) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC reduced its stake in Permian Resources Co. (NYSE:PR) by 46.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 150,596 shares of the company’s stock after selling 131,814 shares during the quarter. HighTower Advisors LLC’s holdings in Permian Resources were worth $2,166,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PR. Principal Securities Inc. grew its stake in shares of Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after purchasing an additional 852 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Permian Resources in the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC boosted its stake in shares of Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after buying an additional 1,232 shares in the last quarter. Lindbrook Capital LLC boosted its stake in shares of Permian Resources by 294.8% in the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock valued at $42,000 after buying an additional 2,155 shares in the last quarter. Finally, Sunbelt Securities Inc. boosted its stake in shares of Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after buying an additional 800 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

NYSE PR opened at $13.79 on Friday. Permian Resources Co. has a fifty-two week low of $11.84 and a fifty-two week high of $18.28. The stock has a market cap of $11.08 billion, a price-to-earnings ratio of 8.35, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. The business has a fifty day moving average of $14.30 and a 200-day moving average of $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 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. The ex-dividend date is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.35%. Permian Resources’s dividend payout ratio (DPR) is 41.96%.

Insider Transactions at Permian Resources

In related news, Director William J. Quinn bought 500,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 completion of the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 18,446 shares of company stock valued at $269,731 over the last three months. 12.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PR. Truist Financial lifted their price target on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Williams Trading set a $19.00 price target on Permian Resources in a research note on Wednesday, March 5th. Morgan Stanley began coverage on Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price target on the stock. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Finally, Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and boosted their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. One investment 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 stock. Based on data from MarketBeat, the company 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.