CIBC Private Wealth Group LLC Sells 456,035 Shares of Permian Resources Co. (NYSE:PR)

CIBC Private Wealth Group LLC decreased its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 99.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 2,150 shares of the company's stock after selling 456,035 shares during the quarter. CIBC Private Wealth Group LLC's holdings in Permian Resources were worth $32,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Kingsview Wealth Management LLC bought a new stake in Permian Resources in the fourth quarter valued at about $632,000. Wright Investors Service Inc. bought a new stake in shares of Permian Resources in the 4th quarter valued at approximately $498,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Permian Resources by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock worth $62,407,000 after buying an additional 176,320 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Permian Resources by 36.9% during the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock valued at $3,881,000 after acquiring an additional 72,726 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in Permian Resources in the third quarter valued at about $2,172,000. Institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PR. Truist Financial increased their target price on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Susquehanna upgraded shares of Permian Resources from a "neutral" rating to a "positive" rating and raised their price objective for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Williams Trading set a $19.00 target price on shares of Permian Resources in a research note on Wednesday, March 5th. Piper Sandler decreased their price target on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. Finally, Royal Bank of Canada reduced their price objective on Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Monday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Permian Resources has an average rating of "Moderate Buy" and an average price target of $18.73.

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Insider Transactions at Permian Resources

In other news, Director William J. Quinn bought 500,000 shares of the stock in a transaction on Monday, March 3rd. The stock was purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP John Charles Bell sold 2,804 shares of the company's 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 transaction, the executive vice president now directly owns 74,433 shares of the company's stock, valued at $1,044,294.99. This represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock valued at $135,687 over the last 90 days. 12.80% of the stock is owned by company insiders.

Permian Resources Trading Up 1.2 %

Shares of NYSE PR traded up $0.14 during midday trading on Tuesday, reaching $11.14. 1,658,678 shares of the stock were exchanged, compared to its average volume of 9,594,742. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 12 month low of $10.01 and a 12 month high of $18.06. The business has a 50-day simple moving average of $13.26 and a two-hundred day simple moving average of $14.18. The company has a market capitalization of $8.95 billion, a price-to-earnings ratio of 6.74, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 5.39%. Permian Resources's dividend payout ratio (DPR) is currently 41.96%.

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.