Mesirow Institutional Investment Management Inc. Boosts Stake in Permian Resources Co. (NYSE:PR)

Mesirow Institutional Investment Management Inc. lifted its stake in Permian Resources Co. (NYSE:PR - Free Report) by 44.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 268,069 shares of the company's stock after purchasing an additional 81,920 shares during the quarter. Mesirow Institutional Investment Management Inc.'s holdings in Permian Resources were worth $3,855,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PR. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Permian Resources in the fourth quarter worth about $431,676,000. Dimensional Fund Advisors LP raised its holdings in Permian Resources by 55.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock worth $169,864,000 after acquiring an additional 4,236,141 shares during the last quarter. Invesco Ltd. lifted its position in Permian Resources by 56.1% in the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock valued at $113,900,000 after acquiring an additional 2,845,449 shares in the last quarter. Perpetual Ltd purchased a new stake in Permian Resources during the 4th quarter valued at $27,104,000. Finally, Jennison Associates LLC increased its holdings in shares of Permian Resources by 19.8% in the 4th quarter. Jennison Associates LLC now owns 9,159,252 shares of the company's stock worth $131,710,000 after purchasing an additional 1,511,923 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PR shares. Citigroup cut Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Williams Trading set a $19.00 price target on shares of Permian Resources in a research note on Wednesday, March 5th. Bank of America decreased their price objective on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, April 1st. Piper Sandler dropped their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Finally, 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, April 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.67.

Insider Buying and Selling

In other news, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total transaction of $58,058.50. Following the sale, the chief financial officer now owns 130,467 shares in the company, valued at $1,825,233.33. This trade represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William J. Quinn bought 500,000 shares of the stock in a transaction dated Monday, March 3rd. The stock was bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, 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 disclosure for this purchase can be found here. In the last ninety days, insiders sold 9,685 shares of company stock valued at $135,687. 12.80% of the stock is owned by corporate insiders.

Permian Resources Stock Performance

NYSE:PR traded up $0.32 during mid-day trading on Thursday, hitting $12.22. 6,816,692 shares of the company traded hands, compared to its average volume of 9,713,036. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock's fifty day moving average price is $12.87 and its 200-day moving average price is $14.07. The firm has a market cap of $9.82 billion, a price-to-earnings ratio of 7.41, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. Permian Resources Co. has a one year low of $10.01 and a one year high of $17.62.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.91%. Permian Resources's dividend payout ratio (DPR) is presently 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.