Permian Resources Co. (NYSE:PR) Shares Bought by Pinebridge Investments L.P.

Pinebridge Investments L.P. grew its position in Permian Resources Co. (NYSE:PR - Free Report) by 94.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 191,587 shares of the company's stock after buying an additional 92,856 shares during the quarter. Pinebridge Investments L.P.'s holdings in Permian Resources were worth $2,755,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Securities Inc. increased its position in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after buying an additional 852 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in Permian Resources during the 4th quarter worth about $31,000. Global Retirement Partners LLC raised its stake in 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 purchasing an additional 1,232 shares during the last quarter. Rakuten Securities Inc. lifted its holdings in Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock valued at $36,000 after purchasing an additional 2,305 shares in the last quarter. Finally, RE Dickinson Investment Advisors LLC acquired a new stake in shares of Permian Resources during the 4th quarter worth about $41,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Activity at Permian Resources

In related news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now owns 58,668 shares of the company's stock, valued at $822,525.36. The trade was a 4.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Guy M. Oliphint sold 4,150 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.99, for a total transaction of $58,058.50. Following the completion of the transaction, the chief financial officer now directly owns 130,467 shares of the company's stock, valued at approximately $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 ninety days, insiders have sold 9,685 shares of company stock worth $135,687. 12.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Piper Sandler cut their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Williams Trading set a $19.00 price objective on Permian Resources in a report on Wednesday, March 5th. Morgan Stanley lowered their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Citigroup lowered Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. Finally, Truist Financial lifted their price target on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.67.

Permian Resources Stock Performance

NYSE:PR opened at $12.26 on Friday. The firm's fifty day simple moving average is $12.79 and its 200 day simple moving average is $14.03. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a twelve month low of $10.01 and a twelve month high of $17.62. The firm has a market capitalization of $9.85 billion, a price-to-earnings ratio of 7.43, a PEG ratio of 4.05 and a beta of 3.81.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.15 dividend. 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 4.89%. Permian Resources's dividend payout ratio (DPR) 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.

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