LPL Financial LLC Purchases 47,087 Shares of Permian Resources Co. (NYSE:PR)

LPL Financial LLC grew its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 26.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 223,762 shares of the company's stock after purchasing an additional 47,087 shares during the quarter. LPL Financial LLC's holdings in Permian Resources were worth $3,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PR. Principal Securities Inc. grew its stake 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 buying an additional 852 shares during the period. ORG Wealth Partners LLC bought a new stake in shares of Permian Resources during the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC raised its position in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after purchasing an additional 1,232 shares during the period. Rakuten Securities Inc. lifted 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 worth $36,000 after purchasing an additional 2,305 shares in the last quarter. Finally, Lindbrook Capital LLC grew its position in Permian Resources by 294.8% in the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock valued at $42,000 after purchasing an additional 2,155 shares during the period. Institutional investors own 91.84% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PR shares. Truist Financial raised their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Royal Bank of Canada cut their price target on Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a research note on Monday. Piper Sandler dropped their target price on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. JPMorgan Chase & Co. cut their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Citigroup lowered Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $18.73.

Permian Resources Stock Performance

Shares of PR stock traded up $0.02 during trading hours on Tuesday, hitting $11.02. 8,351,952 shares of the company were exchanged, compared to its average volume of 9,620,683. Permian Resources Co. has a 52-week low of $10.01 and a 52-week high of $18.06. 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 firm has a fifty day simple moving average of $13.26 and a 200 day simple moving average of $14.18. The stock 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 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 5.45%. Permian Resources's payout ratio is presently 41.96%.

Insider Activity

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of the stock in a transaction on Monday, March 3rd. The shares were acquired at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the acquisition, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm's 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 directly owns 58,668 shares of the company's stock, valued at $822,525.36. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,685 shares of company stock valued at $135,687 in the last 90 days. 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.