Allianz SE Makes New Investment in Permian Resources Co. (NYSE:PR)

Allianz SE purchased a new stake in shares of Permian Resources Co. (NYSE:PR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 28,070 shares of the company's stock, valued at approximately $397,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Principal Securities Inc. raised its stake in shares of Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after acquiring an additional 852 shares during the last quarter. ORG Wealth Partners LLC bought a new position in Permian Resources in the 4th quarter valued at $31,000. Global Retirement Partners LLC boosted its stake in Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after purchasing an additional 1,232 shares in the last quarter. Rakuten Securities Inc. boosted its stake in Permian Resources by 1,152.5% in the fourth 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 grew its holdings in shares of Permian Resources by 294.8% during the fourth 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 owned by institutional investors.

Permian Resources Trading Down 12.4 %

Permian Resources stock traded down $1.53 during midday trading on Friday, hitting $10.74. 20,220,853 shares of the stock were exchanged, compared to its average volume of 9,504,974. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $8.63 billion, a PE ratio of 6.51, a P/E/G ratio of 4.05 and a beta of 4.30. The company has a fifty day simple moving average of $13.87 and a two-hundred day simple moving average of $14.34. Permian Resources Co. has a 52 week low of $10.63 and a 52 week high of $18.28.

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Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 5.59%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources's dividend payout ratio is 41.96%.

Insider Buying and Selling

In other news, Director William J. Quinn acquired 500,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the acquisition, the director now owns 812,429 shares in the company, valued at $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock worth $135,687 over the last ninety days. Company insiders own 12.80% of the company's stock.

Analyst Ratings Changes

PR has been the topic of several research reports. Morgan Stanley reduced their price target on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Truist Financial upped their target price on shares of Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Bank of America lowered their price target on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday. Williams Trading set a $19.00 price objective on Permian Resources in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. lowered their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Permian Resources presently has a consensus rating of "Moderate Buy" and an average target price of $19.13.

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.