Westover Capital Advisors LLC Takes Position in Permian Resources Co. (NYSE:PR)

Westover Capital Advisors LLC acquired a new stake in Permian Resources Co. (NYSE:PR - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 67,816 shares of the company's stock, valued at approximately $975,000.

A number of other hedge funds also recently made changes to their positions in PR. State Street Corp boosted its holdings in shares of Permian Resources by 6.1% during the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company's stock worth $299,790,000 after buying an additional 1,263,460 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Permian Resources by 9.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company's stock worth $247,042,000 after acquiring an additional 1,543,854 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Permian Resources by 7.2% during the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock worth $196,025,000 after acquiring an additional 909,740 shares during the period. Geode Capital Management LLC grew its position in shares of Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock valued at $148,957,000 after purchasing an additional 1,638,618 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Permian Resources by 19.8% during the fourth quarter. Jennison Associates LLC now owns 9,159,252 shares of the company's stock worth $131,710,000 after purchasing an additional 1,511,923 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several analysts recently issued reports on the company. Truist Financial boosted their price target on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Susquehanna raised shares of Permian Resources from a "neutral" rating to a "positive" rating and boosted their target price for the company from $17.00 to $20.00 in a research report on Wednesday. Morgan Stanley assumed coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an "overweight" rating and a $19.00 price target on the stock. Piper Sandler cut their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday. Finally, Citigroup decreased their target price on shares of Permian Resources from $18.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday. One analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $19.31.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the transaction, the executive vice president now directly owns 74,433 shares in the company, valued at approximately $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is owned by insiders.

Permian Resources Price Performance

Shares of Permian Resources stock traded up $0.24 during trading on Friday, reaching $12.68. 9,332,894 shares of the company's stock were exchanged, compared to its average volume of 8,506,802. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a 1-year low of $11.84 and a 1-year high of $18.28. The company has a market cap of $10.18 billion, a P/E ratio of 7.68, a PEG ratio of 4.05 and a beta of 4.30. The firm's 50-day moving average price is $14.60 and its 200 day moving average price is $14.40.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.73%. Permian Resources's payout ratio is currently 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.