Vanguard Group Inc. Buys 870,622 Shares of Permian Resources Co. (NYSE:PR)

Vanguard Group Inc. increased its stake in shares of Permian Resources Co. (NYSE:PR) by 1.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,680,607 shares of the company’s stock after purchasing an additional 870,622 shares during the quarter. Vanguard Group Inc. owned approximately 8.18% of Permian Resources worth $944,487,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PR. Kingsview Wealth Management LLC acquired a new position in shares of Permian Resources during the fourth quarter worth $632,000. Wright Investors Service Inc. acquired a new position in Permian Resources in the 4th quarter worth about $498,000. Point72 Asset Management L.P. raised its position in Permian Resources by 58.3% in the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after purchasing an additional 2,023,742 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Permian Resources by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock valued at $62,407,000 after purchasing an additional 176,320 shares in the last quarter. Finally, New York State Teachers Retirement System grew its holdings in shares of Permian Resources by 36.9% during the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock worth $3,881,000 after purchasing an additional 72,726 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PR. Truist Financial raised their price objective on shares of 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. cut their price target on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and raised their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Finally, Williams Trading set a $19.00 price target on Permian Resources in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

Insider Buying and Selling at Permian Resources

In related news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William J. Quinn purchased 500,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were acquired at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 18,446 shares of company stock valued at $269,731. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Stock Performance

Shares of PR stock opened at $13.73 on Friday. The firm has a 50 day moving average of $14.14 and a 200-day moving average of $14.35. The company has a market cap of $11.03 billion, a price-to-earnings ratio of 8.32, a price-to-earnings-growth 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 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 issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date is Monday, March 17th. Permian Resources’s payout ratio is 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.