Advisors Asset Management Inc. Buys 82,038 Shares of Permian Resources Co. (NYSE:PR)

Advisors Asset Management Inc. lifted its stake in Permian Resources Co. (NYSE:PR - Free Report) by 67.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 204,501 shares of the company's stock after purchasing an additional 82,038 shares during the quarter. Advisors Asset Management Inc.'s holdings in Permian Resources were worth $2,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. State Street Corp increased its position in Permian Resources by 6.1% in the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company's stock worth $299,790,000 after purchasing an additional 1,263,460 shares during the last quarter. Massachusetts Financial Services Co. MA raised 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 valued at $247,042,000 after acquiring an additional 1,543,854 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Permian Resources by 7.2% in the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock valued at $196,025,000 after acquiring an additional 909,740 shares during the last quarter. Geode Capital Management LLC grew its position in Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock worth $148,957,000 after acquiring an additional 1,638,618 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Permian Resources by 19.8% during the 4th 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 last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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Permian Resources Stock Performance

PR traded up $0.11 during trading on Tuesday, reaching $14.26. 5,787,855 shares of the company's stock were exchanged, compared to its average volume of 9,199,018. The business has a 50 day moving average price of $14.25 and a 200 day moving average price of $14.35. The company has a market capitalization of $11.46 billion, a P/E ratio of 8.64, a PEG ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a fifty-two week low of $11.84 and a fifty-two week high of $18.28. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date is Monday, March 17th. Permian Resources's dividend payout ratio is 41.96%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PR shares. Susquehanna raised shares of Permian Resources from a "neutral" rating to a "positive" rating and increased their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. JPMorgan Chase & Co. cut their price objective on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. 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 on the stock. Truist Financial boosted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Finally, Piper Sandler cut their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $19.31.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the transaction, the executive vice president now directly owns 74,433 shares in the company, valued at $1,044,294.99. The trade was a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William J. Quinn bought 500,000 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was purchased 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 of the company's stock, valued at $10,618,447.03. The trade was a 160.04 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is currently owned by corporate insiders.

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.