Swiss National Bank Raises Stake in Permian Resources Co. (NYSE:PR)

Swiss National Bank raised its stake in Permian Resources Co. (NYSE:PR) by 16.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,173,348 shares of the company’s stock after buying an additional 162,600 shares during the quarter. Swiss National Bank owned approximately 0.15% of Permian Resources worth $16,873,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PR. Yaupon Capital Management LP grew its holdings in Permian Resources by 225.0% in the 3rd quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock valued at $51,016,000 after buying an additional 2,595,137 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in 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 valued at $74,811,000 after buying an additional 2,023,742 shares in the last quarter. Perpetual Ltd purchased a new stake in Permian Resources in the 4th quarter valued at $27,104,000. Geode Capital Management LLC grew its holdings in Permian Resources by 17.6% in the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after buying an additional 1,638,618 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Permian Resources by 9.3% in 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 buying an additional 1,543,854 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director William J. Quinn bought 500,000 shares of the stock in a transaction on Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This trade represents a 160.04 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources 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 completion of the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,446 shares of company stock worth $269,731 in the last quarter. 12.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. 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 report on Thursday, March 13th. Williams Trading set a $19.00 price target on Permian Resources in a report on Wednesday, March 5th. Truist Financial increased their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Piper Sandler lowered their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Finally, Morgan Stanley began coverage on Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price target for the company. One analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.35.

Permian Resources Trading Down 0.3 %

NYSE:PR opened at $13.56 on Wednesday. The stock’s 50 day moving average price is $14.37 and its 200 day moving average price is $14.33. The company has a market capitalization of $10.89 billion, a PE ratio of 8.22, a P/E/G ratio of 4.05 and a beta of 4.30. 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 Co. has a 52-week low of $11.84 and a 52-week high of $18.28.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.43%. Permian Resources’s dividend payout ratio is presently 41.96%.

Permian Resources 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.