Renaissance Technologies LLC Grows Position in Permian Resources Co. (NYSE:PR)

Renaissance Technologies LLC boosted its position in Permian Resources Co. (NYSE:PR - Free Report) by 9.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,809,247 shares of the company's stock after purchasing an additional 966,400 shares during the period. Renaissance Technologies LLC owned 1.35% of Permian Resources worth $155,437,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Permian Resources during the 4th quarter worth about $431,676,000. Invesco Ltd. raised its position in shares of Permian Resources by 56.1% during the fourth quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock worth $113,900,000 after acquiring an additional 2,845,449 shares during the last quarter. Perpetual Ltd acquired a new position in shares of Permian Resources in the fourth quarter worth approximately $27,104,000. Geode Capital Management LLC raised its holdings in Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock worth $148,957,000 after purchasing an additional 1,638,618 shares during the last quarter. Finally, Jennison Associates LLC lifted its position 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 during the period. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PR shares. Truist Financial increased their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Williams Trading set a $19.00 target price on Permian Resources in a research report on Wednesday, March 5th. Bank of America lowered their price objective on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Finally, Piper Sandler cut their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.80.

Remove Ads

Permian Resources Stock Performance

NYSE PR traded up $0.49 during trading on Friday, hitting $11.05. 9,461,958 shares of the company's stock traded hands, compared to its average volume of 9,630,434. The stock has a market capitalization of $8.87 billion, a price-to-earnings ratio of 6.69, a PEG ratio of 4.05 and a beta of 3.81. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The business has a 50 day moving average of $13.33 and a 200-day moving average of $14.20. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $18.06.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 5.43%. Permian Resources's dividend payout ratio is 41.96%.

Insider Buying and Selling at Permian Resources

In other news, CFO Guy M. Oliphint sold 4,150 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the transaction, the chief financial officer now directly owns 130,467 shares in the company, valued at approximately $1,825,233.33. This trade represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,685 shares of company stock valued at $135,687 in the last 90 days. 12.80% of the stock is currently owned by company insiders.

Permian Resources 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.