William J. Quinn Purchases 500,000 Shares of Permian Resources Co. (NYSE:PR) Stock

Permian Resources Co. (NYSE:PR - Get Free Report) Director William J. Quinn bought 500,000 shares of the company's stock in a transaction on Monday, March 3rd. The stock was purchased at an average cost 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 $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Permian Resources Price Performance

Shares of PR traded up $0.24 during trading hours on Friday, reaching $12.68. 9,332,894 shares of the company traded hands, compared to its average volume of 8,506,802. 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 has a market capitalization of $10.18 billion, a PE ratio of 7.68, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a fifty-two week low of $11.84 and a fifty-two week high of $18.28. The stock has a fifty day simple moving average of $14.58 and a 200 day simple moving average of $14.39.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date is Monday, March 17th. Permian Resources's payout ratio is currently 41.96%.

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Institutional Trading of Permian Resources

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Permian Resources by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock worth $944,487,000 after buying an additional 870,622 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock worth $469,856,000 after buying an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Permian Resources during the fourth quarter worth about $431,676,000. State Street Corp lifted its position in Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company's stock worth $299,790,000 after buying an additional 1,263,460 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in Permian Resources by 1.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock worth $265,209,000 after buying an additional 291,444 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PR shares. Piper Sandler lowered their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday. Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and boosted their price objective for the company from $17.00 to $20.00 in a research note on Wednesday. Truist Financial boosted their price objective on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Morgan Stanley began coverage on Permian Resources in a research note on Friday, January 10th. They set an "overweight" rating and a $19.00 price target for the company. Finally, Citigroup cut their price target on Permian Resources from $18.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Permian Resources presently has a consensus rating of "Buy" and a consensus price target of $19.31.

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.