Permian Resources Co. (NYSE:PR) Shares Acquired by Covestor Ltd

Covestor Ltd boosted its holdings in shares of Permian Resources Co. (NYSE:PR) by 70.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 18,069 shares of the company’s stock after purchasing an additional 7,494 shares during the period. Covestor Ltd’s holdings in Permian Resources were worth $260,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Principal Securities Inc. lifted 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 worth $29,000 after acquiring an additional 852 shares during the period. ORG Wealth Partners LLC purchased a new stake in shares of Permian Resources in the fourth quarter valued at about $31,000. Global Retirement Partners LLC grew its position 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 purchasing an additional 1,232 shares during the last quarter. Rakuten Securities Inc. increased its stake in shares of Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after purchasing an additional 2,305 shares in the last quarter. Finally, Lindbrook Capital LLC raised its position in shares of Permian Resources by 294.8% during the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock worth $42,000 after purchasing an additional 2,155 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the sale, the executive vice president now owns 74,433 shares in the company, valued at approximately $1,044,294.99. The trade was a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William J. Quinn bought 500,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was bought at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. The trade was a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 9,685 shares of company stock valued at $135,687 in the last ninety days. Insiders own 12.80% of the company’s stock.

Permian Resources Stock Down 9.6 %

NYSE:PR traded down $1.14 during trading hours on Thursday, hitting $10.74. The stock had a trading volume of 2,027,887 shares, compared to its average volume of 9,561,837. The company has a market cap of $8.63 billion, a PE ratio of 6.51, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. The business has a 50 day simple moving average of $13.49 and a two-hundred day simple moving average of $14.24. Permian Resources Co. has a 1-year low of $10.01 and a 1-year high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 5.59%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is 41.96%.

Analyst Upgrades and Downgrades

PR has been the subject of several recent research reports. Piper Sandler dropped their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Truist Financial boosted their price target on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. JPMorgan Chase & Co. decreased their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Susquehanna upgraded 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, March 5th. Finally, Williams Trading set a $19.00 price target on Permian Resources in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average price target of $18.80.

Permian Resources Company Profile

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.