Private Advisor Group LLC Cuts Stock Position in Permian Resources Co. (NYSE:PR)

Private Advisor Group LLC lessened its holdings in Permian Resources Co. (NYSE:PR) by 8.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,955 shares of the company’s stock after selling 1,444 shares during the period. Private Advisor Group LLC’s holdings in Permian Resources were worth $229,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. State Street Corp grew its holdings in Permian Resources by 6.1% during the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after acquiring an additional 1,263,460 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake 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 valued at $247,042,000 after purchasing an additional 1,543,854 shares during the period. Geode Capital Management LLC raised 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 buying an additional 1,638,618 shares in the last quarter. Jennison Associates LLC raised its position in shares of Permian Resources by 19.8% during the 4th quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock worth $131,710,000 after buying an additional 1,511,923 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after purchasing an additional 2,023,742 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 0.1 %

PR opened at $12.45 on Friday. Permian Resources Co. has a twelve month low of $11.84 and a twelve month high of $18.28. 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 quick ratio of 0.68 and a current ratio of 0.68. The firm has a market cap of $10.00 billion, a price-to-earnings ratio of 7.54, a PEG ratio of 4.05 and a beta of 4.30.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s dividend payout ratio is currently 41.96%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PR shares. Morgan Stanley started coverage on shares of Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price target on the stock. 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. Citigroup decreased their target price on shares of Permian Resources from $18.00 to $17.00 and set a “buy” rating for the company in a research 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 for the company in a report on Thursday. Finally, Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and upped their target price for the company from $17.00 to $20.00 in a research note on Wednesday. One investment 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, the company currently has a consensus rating of “Buy” and a consensus price target of $19.31.

Insiders Place Their Bets

In related news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 completion of 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 disclosure for this sale can be found here. Insiders have sold a total of 18,446 shares of company stock valued at $269,731 in the last 90 days. 12.80% of the stock is currently owned by 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.