Legal & General Group Plc Raises Stake in Permian Resources Co. (NYSE:PR)

Legal & General Group Plc lifted its position in Permian Resources Co. (NYSE:PR) by 4.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 995,395 shares of the company’s stock after purchasing an additional 41,271 shares during the period. Legal & General Group Plc’s holdings in Permian Resources were worth $14,314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of PR. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Permian Resources by 0.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock valued at $2,021,000 after buying an additional 662 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Permian Resources by 0.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock worth $2,540,000 after purchasing an additional 700 shares during the last quarter. CIBC Asset Management Inc raised its stake in Permian Resources by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock valued at $226,000 after purchasing an additional 805 shares in the last quarter. Principal Securities Inc. lifted its position in Permian Resources by 73.6% during the fourth 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. Finally, Oregon Public Employees Retirement Fund grew its stake in shares of Permian Resources by 0.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company’s stock worth $1,862,000 after buying an additional 900 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PR shares. Royal Bank of Canada lowered their price target on shares of Permian Resources from $18.00 to $16.00 and set an “outperform” rating for the company in a report on Monday. Morgan Stanley cut their target price on Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. JPMorgan Chase & Co. lowered their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Finally, Piper Sandler lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.73.

Permian Resources Price Performance

PR opened at $11.02 on Wednesday. The firm has a market capitalization of $8.85 billion, a PE ratio of 6.68, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. 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 business’s 50-day moving average is $13.20 and its two-hundred day moving average is $14.16. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $17.84.

Permian Resources Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 5.45%. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

Insider Activity at Permian Resources

In related news, Director William J. Quinn acquired 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 completion of the acquisition, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the sale, the executive vice president now owns 74,433 shares of the company’s stock, valued at $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,685 shares of company stock valued at $135,687 over the last 90 days. Insiders own 12.80% of the company’s stock.

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.