Sharpepoint LLC Acquires Shares of 71,279 Permian Resources Co. (NYSE:PR)

Sharpepoint LLC purchased a new position in Permian Resources Co. (NYSE:PR - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 71,279 shares of the company's stock, valued at approximately $1,025,000.

Other large investors also recently bought and sold shares of the company. Mesirow Institutional Investment Management Inc. increased its stake in shares of Permian Resources by 44.0% during the fourth quarter. Mesirow Institutional Investment Management Inc. now owns 268,069 shares of the company's stock valued at $3,855,000 after purchasing an additional 81,920 shares in the last quarter. MetLife Investment Management LLC raised its stake in Permian Resources by 9.1% during the fourth quarter. MetLife Investment Management LLC now owns 365,197 shares of the company's stock valued at $5,252,000 after buying an additional 30,513 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Permian Resources in the fourth quarter worth $1,881,000. Dimensional Fund Advisors LP increased its holdings in shares of Permian Resources by 55.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after acquiring an additional 4,236,141 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Permian Resources by 5.5% in the 4th quarter. First Trust Advisors LP now owns 2,335,547 shares of the company's stock worth $33,585,000 after purchasing an additional 121,903 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PR has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Royal Bank of Canada lowered their price objective on Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Bank of America reduced their target price on Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, April 1st. Finally, Williams Trading set a $19.00 price target on Permian Resources in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Permian Resources presently has an average rating of "Moderate Buy" and an average target price of $18.67.

Permian Resources Stock Performance

Shares of Permian Resources stock traded up $0.32 on Thursday, hitting $12.22. 6,816,692 shares of the company's stock were exchanged, compared to its average volume of 9,713,036. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $17.62. The company has a 50-day simple moving average of $12.87 and a 200-day simple moving average of $14.07. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market capitalization of $9.82 billion, a PE ratio of 7.41, a PEG ratio of 4.05 and a beta of 3.81.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.91%. The ex-dividend date was Monday, March 17th. Permian Resources's dividend payout ratio is presently 41.96%.

Insiders Place Their Bets

In related news, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total transaction of $58,058.50. Following the transaction, the chief financial officer now owns 130,467 shares in the company, valued at approximately $1,825,233.33. The trade was a 3.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Charles Bell sold 2,804 shares of the stock in a transaction on 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 sale, the executive vice president now owns 74,433 shares of the company's stock, valued at $1,044,294.99. The trade was a 3.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,685 shares of company stock worth $135,687 over the last quarter. 12.80% of the stock is currently owned by corporate insiders.

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.