Channing Capital Management LLC Purchases 459,516 Shares of Permian Resources Co. (NYSE:PR)

Channing Capital Management LLC increased its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 286.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 620,138 shares of the company's stock after acquiring an additional 459,516 shares during the period. Channing Capital Management LLC owned about 0.08% of Permian Resources worth $8,918,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Principal Securities Inc. grew its holdings in Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after acquiring an additional 852 shares during the period. ORG Wealth Partners LLC bought a new position in shares of Permian Resources in the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC boosted its holdings in Permian Resources by 98.4% during 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 during the last quarter. Lindbrook Capital LLC lifted its position in shares of Permian Resources by 294.8% during the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock worth $42,000 after buying an additional 2,155 shares in the last quarter. Finally, Sunbelt Securities Inc. grew its holdings in shares of Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock valued at $43,000 after acquiring an additional 800 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

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Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PR. Williams Trading set a $19.00 price objective on Permian Resources in a report on Wednesday, March 5th. Piper Sandler reduced their price target 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. Truist Financial lifted their price objective on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Morgan Stanley initiated coverage on Permian Resources in a research note on Friday, January 10th. They issued an "overweight" rating and a $19.00 target price on the stock. Finally, Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and lifted their price target for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.29.

Permian Resources Trading Up 4.5 %

Permian Resources stock traded up $0.58 during trading hours on Wednesday, reaching $13.44. The company had a trading volume of 8,292,214 shares, compared to its average volume of 8,665,338. The firm has a market cap of $10.80 billion, a price-to-earnings ratio of 8.14, a P/E/G ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 12-month low of $11.84 and a 12-month high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The company has a 50-day moving average price of $14.51 and a 200 day moving average price of $14.37.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources's payout ratio is 41.96%.

Insider Buying and Selling at Permian Resources

In related news, Director William J. Quinn acquired 500,000 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,446 shares of company stock valued at $269,731 in the last 90 days. Insiders own 12.80% of the company's stock.

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.