Massachusetts Financial Services Co. MA Buys 291,444 Shares of Permian Resources Co. (NYSE:PR)

Massachusetts Financial Services Co. MA increased its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,442,921 shares of the company's stock after buying an additional 291,444 shares during the quarter. Massachusetts Financial Services Co. MA owned about 2.30% of Permian Resources worth $265,209,000 at the end of the most recent reporting period.

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

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Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PR shares. Susquehanna raised shares of Permian Resources from a "neutral" rating to a "positive" rating and lifted their target price for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. Morgan Stanley lowered their price objective on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Piper Sandler reduced their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Bank of America lowered their target price on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources has an average rating of "Moderate Buy" and a consensus target price of $19.13.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the transaction, the executive vice president now directly owns 74,433 shares of the company's stock, valued at $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Guy M. Oliphint sold 4,150 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the transaction, the chief financial officer now directly owns 130,467 shares in the company, valued at $1,825,233.33. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,685 shares of company stock valued at $135,687. Insiders own 12.80% of the company's stock.

Permian Resources Stock Up 14.6 %

NYSE PR traded up $1.51 during trading hours on Wednesday, reaching $11.87. 19,018,921 shares of the company traded hands, compared to its average volume of 9,589,920. 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 company has a 50 day moving average of $13.49 and a two-hundred day moving average of $14.24. Permian Resources Co. has a 12 month low of $10.01 and a 12 month high of $18.28. The stock has a market capitalization of $9.54 billion, a PE ratio of 7.19, a PEG ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.05%. Permian Resources's payout ratio is currently 41.96%.

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.