Hancock Whitney Corp Makes New $424,000 Investment in Permian Resources Co. (NYSE:PR)

Hancock Whitney Corp bought a new position in shares of Permian Resources Co. (NYSE:PR - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 29,507 shares of the company's stock, valued at approximately $424,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kingsview Wealth Management LLC bought a new stake in Permian Resources during the fourth quarter worth $632,000. Wright Investors Service Inc. bought a new stake in shares of Permian Resources during the 4th quarter worth $498,000. Charles Schwab Investment Management Inc. boosted 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 during the last quarter. New York State Teachers Retirement System grew its position in 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 buying an additional 72,726 shares during the period. Finally, Perpetual Ltd purchased a new stake in Permian Resources during the fourth quarter worth about $27,104,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $12.26 on Friday. The company's fifty day simple moving average is $12.79 and its two-hundred day simple moving average is $14.03. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $17.62. The firm has a market cap of $9.85 billion, a PE ratio of 7.43, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. 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 announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.89%. Permian Resources's payout ratio is presently 41.96%.

Insider Activity at Permian Resources

In other news, CFO Guy M. Oliphint sold 4,150 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the sale, the chief financial officer now directly owns 130,467 shares of the company's stock, valued at approximately $1,825,233.33. This trade represents a 3.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock worth $135,687 in the last 90 days. Company insiders own 12.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PR. Royal Bank of Canada reduced their target price on shares of Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. Morgan Stanley reduced their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Susquehanna lowered their price objective on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. cut their price objective on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Piper Sandler reduced their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.67.

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.

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