Kennedy Capital Management LLC Decreases Stake in Permian Resources Co. (NYSE:PR)

Kennedy Capital Management LLC lowered its stake in Permian Resources Co. (NYSE:PR - Free Report) by 8.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 515,551 shares of the company's stock after selling 44,760 shares during the quarter. Kennedy Capital Management LLC owned about 0.06% of Permian Resources worth $7,414,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Principal Securities Inc. increased its position in shares of Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after purchasing an additional 852 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in Permian Resources during the 4th quarter worth about $31,000. Global Retirement Partners LLC boosted its position in shares of Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after acquiring an additional 1,232 shares in the last quarter. Rakuten Securities Inc. increased its holdings in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock valued at $36,000 after acquiring an additional 2,305 shares during the last quarter. Finally, Lindbrook Capital LLC raised its position in shares of Permian Resources by 294.8% during the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock worth $42,000 after acquiring an additional 2,155 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Morgan Stanley decreased their price objective 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. Bank of America lowered their price objective on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Royal Bank of Canada decreased 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 note on Monday. Truist Financial lifted their target price on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Finally, JPMorgan Chase & Co. cut their price target on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $18.73.

Permian Resources Price Performance

PR traded up $0.02 during trading on Tuesday, reaching $11.02. 8,351,952 shares of the stock were exchanged, compared to its average volume of 9,627,046. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $17.84. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The business's 50 day moving average price is $13.26 and its two-hundred day moving average price is $14.18. The company has a market capitalization of $8.85 billion, a price-to-earnings ratio of 6.68, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date was Monday, March 17th. Permian Resources's dividend payout ratio (DPR) is presently 41.96%.

Insider Activity at Permian Resources

In related news, CAO Robert Regan Shannon sold 2,731 shares of the firm'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 sale, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at approximately $822,525.36. This trade represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Quinn purchased 500,000 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average cost 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 $10,618,447.03. The trade was a 160.04 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 9,685 shares of company stock valued at $135,687. 12.80% of the stock is 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.