Legal & General Group Plc Increases Stock Position in Permian Resources Co. (NYSE:PR)

Legal & General Group Plc boosted its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 995,395 shares of the company's stock after acquiring an additional 41,271 shares during the quarter. Legal & General Group Plc owned 0.12% of Permian Resources worth $14,314,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Kingsview Wealth Management LLC bought a new stake in shares of Permian Resources during the 4th quarter valued at $632,000. Wright Investors Service Inc. bought a new position in Permian Resources in the 4th quarter valued at $498,000. Charles Schwab Investment Management Inc. boosted its position in 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 valued at $62,407,000 after buying an additional 176,320 shares during the period. New York State Teachers Retirement System grew its stake in Permian Resources by 36.9% in the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock worth $3,881,000 after purchasing an additional 72,726 shares in the last quarter. Finally, Perpetual Ltd purchased a new position in shares of Permian Resources during the fourth quarter valued at $27,104,000. Institutional investors own 91.84% of the company's stock.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the sale, the executive vice president now owns 74,433 shares in the company, valued at approximately $1,044,294.99. This represents a 3.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the 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 completion of the sale, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at approximately $822,525.36. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,685 shares of company stock valued at $135,687. 12.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PR shares. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. Williams Trading set a $19.00 target price on shares of Permian Resources in a research report on Wednesday, March 5th. Morgan Stanley dropped their target price on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Bank of America lowered their price target on Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, April 1st. Finally, Truist Financial lifted their target price on shares of Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Permian Resources currently has a consensus rating of "Moderate Buy" and an average target price of $18.73.

Permian Resources Stock Performance

Shares of NYSE PR traded up $0.54 during trading on Friday, reaching $12.04. 13,331,521 shares of the company traded hands, compared to its average volume of 9,686,800. The firm's fifty day simple moving average is $13.02 and its 200 day simple moving average is $14.12. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $9.67 billion, a P/E ratio of 7.29, a PEG ratio of 4.05 and a beta of 3.81. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $17.62.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.99%. Permian Resources's payout ratio is 41.96%.

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.