Permian Resources Co. (NYSE:PR) Stake Lifted by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 7.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,631,747 shares of the company's stock after buying an additional 909,740 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.70% of Permian Resources worth $196,025,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in shares of Permian Resources by 399.5% during the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company's stock worth $45,000 after purchasing an additional 2,629 shares during the period. Arkadios Wealth Advisors purchased a new stake in shares of Permian Resources during the 3rd quarter worth about $202,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Permian Resources by 1.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 158,234 shares of the company's stock worth $2,154,000 after purchasing an additional 2,360 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Permian Resources by 32.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 73,710 shares of the company's stock worth $1,003,000 after purchasing an additional 18,025 shares during the period. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Permian Resources by 151.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 17,179 shares of the company's stock worth $234,000 after purchasing an additional 10,346 shares during the period. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Up 0.2 %

Shares of PR traded up $0.03 during trading on Friday, reaching $14.09. The company's stock had a trading volume of 9,368,159 shares, compared to its average volume of 7,803,663. The company has a fifty day moving average of $14.70 and a two-hundred day moving average of $14.47. Permian Resources Co. has a twelve month low of $12.62 and a twelve month high of $18.28. The company has a market cap of $11.32 billion, a price-to-earnings ratio of 8.54, a P/E/G ratio of 4.05 and a beta of 4.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.26%. The ex-dividend date is Monday, March 17th. Permian Resources's dividend payout ratio is currently 36.36%.

Analysts Set New Price Targets

PR has been the subject of a number of research reports. Piper Sandler boosted their target price on Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Truist Financial boosted their price target on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Finally, Morgan Stanley started coverage on Permian Resources in a research report on Friday, January 10th. They set an "overweight" rating and a $19.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.13.

Insider Activity at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of the company's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares of the company's stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate 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.