D.A. Davidson & CO. Raises Holdings in Permian Resources Co. (NYSE:PR)

D.A. Davidson & CO. raised its stake in Permian Resources Co. (NYSE:PR) by 42.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,262 shares of the company’s stock after purchasing an additional 4,252 shares during the period. D.A. Davidson & CO.’s holdings in Permian Resources were worth $205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in PR. State Street Corp grew its stake in shares of Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after purchasing an additional 1,263,460 shares in the last quarter. Massachusetts Financial Services Co. MA lifted 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 buying an additional 1,543,854 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of 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 in the last quarter. Jennison Associates LLC increased its holdings in shares of Permian Resources by 19.8% in the 4th quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock valued at $131,710,000 after acquiring an additional 1,511,923 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Truist Financial increased their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Morgan Stanley assumed coverage on Permian Resources in a report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective for the company. Finally, Piper Sandler upped their price objective on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.13.

Permian Resources Stock Up 0.1 %

PR stock opened at $14.04 on Friday. 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 company’s 50 day simple moving average is $14.69 and its 200-day simple moving average is $14.47. Permian Resources Co. has a 12 month low of $12.62 and a 12 month high of $18.28. The firm has a market capitalization of $11.28 billion, a PE ratio of 8.51, a P/E/G ratio of 4.05 and a beta of 4.28.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s payout ratio is 36.36%.

Insiders Place Their Bets

In related 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 owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.80% of the stock is currently owned by company insiders.

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.