Geode Capital Management LLC Grows Stake in Permian Resources Co. (NYSE:PR)

Geode Capital Management LLC increased its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 1.5% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 11,110,824 shares of the company's stock after acquiring an additional 168,887 shares during the period. Geode Capital Management LLC owned approximately 1.38% of Permian Resources worth $159,823,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PR. Captrust Financial Advisors boosted its position in Permian Resources by 6.1% in the 3rd quarter. Captrust Financial Advisors now owns 41,942 shares of the company's stock valued at $571,000 after buying an additional 2,397 shares during the period. Janus Henderson Group PLC grew its stake in Permian Resources by 5.1% during the 3rd quarter. Janus Henderson Group PLC now owns 228,597 shares of the company's stock worth $3,110,000 after purchasing an additional 11,000 shares in the last quarter. IHT Wealth Management LLC acquired a new stake in Permian Resources in the 3rd quarter valued at about $329,000. Quarry LP boosted its stake in shares of Permian Resources by 545.2% in the 3rd quarter. Quarry LP now owns 4,723 shares of the company's stock valued at $64,000 after buying an additional 3,991 shares during the period. Finally, Quantinno Capital Management LP acquired a new position in shares of Permian Resources during the third quarter worth about $211,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Performance

PR stock traded up $0.49 during trading on Friday, hitting $11.05. The company had a trading volume of 9,461,958 shares, compared to its average volume of 9,620,296. The firm has a 50-day moving average price of $13.33 and a 200-day moving average price of $14.19. 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 market cap of $8.87 billion, a PE ratio of 6.69, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. Permian Resources Co. has a 1-year low of $10.01 and a 1-year high of $18.28.

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Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 5.43%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources's dividend payout ratio (DPR) is presently 41.96%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. Morgan Stanley lowered their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Piper Sandler cut their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. Williams Trading set a $19.00 price objective on Permian Resources in a research report on Wednesday, March 5th. Finally, Truist Financial raised their target price on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. 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's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.80.

Insider Transactions at Permian Resources

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 value of $38,288.62. Following the completion of the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction on Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares of the company's stock, valued at $10,618,447.03. This trade represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 9,685 shares of company stock worth $135,687 over the last 90 days. 12.80% of the stock is currently owned by insiders.

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.