Franklin Resources Inc. Increases Stock Position in Permian Resources Co. (NYSE:PR)

Franklin Resources Inc. raised its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 4.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,423,695 shares of the company's stock after purchasing an additional 62,886 shares during the quarter. Franklin Resources Inc. owned about 0.18% of Permian Resources worth $20,473,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Wellington Management Group LLP lifted its holdings in shares of Permian Resources by 1,435.0% during the fourth quarter. Wellington Management Group LLP now owns 650,900 shares of the company's stock worth $9,360,000 after purchasing an additional 608,496 shares during the period. SCP Investment LP lifted its stake in shares of Permian Resources by 315.4% in the 4th quarter. SCP Investment LP now owns 118,800 shares of the company's stock worth $1,708,000 after acquiring an additional 90,200 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Permian Resources in the fourth quarter valued at about $431,676,000. Allianz SE acquired a new position in shares of Permian Resources during the fourth quarter worth about $397,000. Finally, Ramirez Asset Management Inc. purchased a new position in Permian Resources during the fourth quarter worth about $1,117,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on PR. Piper Sandler lowered their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Citigroup lowered Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Truist Financial raised their target price on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a report on Monday, January 13th. Morgan Stanley decreased their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Finally, Susquehanna upgraded shares of Permian Resources from a "neutral" rating to a "positive" rating and increased their price target for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $18.80.

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Insider Activity

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares of the company's stock, valued at $822,525.36. This represents a 4.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Guy M. Oliphint sold 4,150 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total value of $58,058.50. Following the sale, the chief financial officer now owns 130,467 shares in the company, valued at $1,825,233.33. This trade represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,685 shares of company stock worth $135,687 over the last three months. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Price Performance

Shares of Permian Resources stock traded up $0.49 during trading on Friday, hitting $11.05. 9,461,958 shares of the company were exchanged, compared to its average volume of 9,620,296. Permian Resources Co. has a fifty-two week low of $10.01 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. The firm has a 50 day moving average price of $13.33 and a 200 day moving average price of $14.19. The stock has a market capitalization of $8.87 billion, a price-to-earnings ratio of 6.69, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 5.43%. Permian Resources's dividend payout ratio 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.