Permian Resources Co. (NYSE:PR) Shares Sold by Ninepoint Partners LP

Ninepoint Partners LP cut its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 10.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 719,200 shares of the company's stock after selling 80,800 shares during the quarter. Permian Resources accounts for 1.5% of Ninepoint Partners LP's portfolio, making the stock its 13th biggest holding. Ninepoint Partners LP owned 0.09% of Permian Resources worth $10,342,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Kingsview Wealth Management LLC purchased a new stake in Permian Resources during the fourth quarter worth $632,000. Wright Investors Service Inc. purchased a new stake in Permian Resources during the fourth quarter worth $498,000. Point72 Asset Management L.P. boosted its position in Permian Resources by 58.3% during the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock worth $74,811,000 after purchasing an additional 2,023,742 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Permian Resources by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock worth $62,407,000 after purchasing an additional 176,320 shares in the last quarter. Finally, South Street Advisors LLC purchased a new stake in Permian Resources during the third quarter worth $7,142,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PR has been the topic of a number of research analyst reports. Morgan Stanley initiated coverage on Permian Resources in a research report on Friday, January 10th. They set an "overweight" rating and a $19.00 target price on the stock. Piper Sandler decreased their target price 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. Truist Financial boosted their target price on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Susquehanna raised Permian Resources from a "neutral" rating to a "positive" rating and boosted their price target for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. Finally, Williams Trading set a $19.00 price target on Permian Resources in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.35.

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Insider Buying and Selling at Permian Resources

In other news, Director William J. Quinn purchased 500,000 shares of the stock in a transaction on Monday, March 3rd. The stock was purchased at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the business's stock in a transaction dated 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,446 shares of company stock valued at $269,731. Company insiders own 12.80% of the company's stock.

Permian Resources Trading Down 0.8 %

Permian Resources stock traded down $0.11 during trading on Thursday, hitting $13.98. The company's stock had a trading volume of 5,598,881 shares, compared to its average volume of 9,239,107. The stock has a market capitalization of $11.23 billion, a price-to-earnings ratio of 8.47, a P/E/G ratio of 4.05 and a beta of 4.30. The stock's fifty day moving average is $14.35 and its 200 day moving average is $14.33. Permian Resources Co. has a 1-year low of $11.84 and a 1-year high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend is Monday, March 17th. 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.