Homestead Advisers Corp Sells 28,600 Shares of Permian Resources Co. (NYSE:PR)

Homestead Advisers Corp reduced its stake in Permian Resources Co. (NYSE:PR - Free Report) by 12.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 197,700 shares of the company's stock after selling 28,600 shares during the quarter. Homestead Advisers Corp's holdings in Permian Resources were worth $2,843,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PR. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Permian Resources by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company's stock worth $2,021,000 after acquiring an additional 662 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of Permian Resources by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company's stock valued at $2,540,000 after buying an additional 700 shares during the last quarter. Sunbelt Securities Inc. grew its position in Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock worth $43,000 after buying an additional 800 shares in the last quarter. CIBC Asset Management Inc grew its position in Permian Resources by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company's stock worth $226,000 after buying an additional 805 shares in the last quarter. Finally, Principal Securities Inc. increased its stake in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after acquiring an additional 852 shares during the period. Institutional investors own 91.84% of the company's stock.

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Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Williams Trading set a $19.00 target price on Permian Resources in a research report on Wednesday, March 5th. Truist Financial lifted their price objective on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a report on Monday, January 13th. Susquehanna raised shares of Permian Resources from a "neutral" rating to a "positive" rating and upped their target price for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. JPMorgan Chase & Co. cut their price target 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 dropped their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $19.31.

Permian Resources Price Performance

NYSE PR traded up $0.17 during trading hours on Monday, reaching $13.92. 2,122,489 shares of the stock traded hands, compared to its average volume of 9,417,069. The stock has a 50 day simple moving average of $14.14 and a two-hundred day simple moving average of $14.37. The company has a market cap of $11.18 billion, a price-to-earnings ratio of 8.43, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 1 year low of $11.84 and a 1 year 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.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.31%. Permian Resources's payout ratio is 41.96%.

Insider Activity

In other news, Director William J. Quinn purchased 500,000 shares of the company's stock in a transaction on Monday, March 3rd. The stock was acquired 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 of the company's stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,446 shares of company stock valued at $269,731. Corporate 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.