Advisors Asset Management Inc. Acquires 33,992 Shares of Permian Resources Co. (NYSE:PR)

Advisors Asset Management Inc. lifted its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 38.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,463 shares of the company's stock after acquiring an additional 33,992 shares during the quarter. Advisors Asset Management Inc.'s holdings in Permian Resources were worth $1,667,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of Permian Resources by 480.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company's stock valued at $106,924,000 after purchasing an additional 5,012,287 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock worth $194,585,000 after acquiring an additional 4,497,184 shares during the period. Merewether Investment Management LP grew its stake in Permian Resources by 148.1% during the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company's stock valued at $95,292,000 after acquiring an additional 3,522,300 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Permian Resources by 16,359.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company's stock valued at $56,089,000 after purchasing an additional 3,451,923 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company's stock valued at $147,107,000 after purchasing an additional 1,555,884 shares during the period. 91.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on PR. Mizuho lowered their price objective on shares of Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Monday, September 16th. Benchmark reduced their price objective on Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, October 16th. Susquehanna cut their price target on Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday, September 4th. JPMorgan Chase & Co. lowered their price target on Permian Resources from $20.00 to $17.00 and set an "overweight" rating for the company in a research note on Thursday, September 12th. Finally, Citigroup reduced their target price on shares of Permian Resources from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.93.

Insider Buying and Selling

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the business's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company's stock, valued at approximately $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company's stock, valued at approximately $1,075,911.41. This represents a 5.88 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Permian Resources Stock Performance

Shares of PR stock traded down $0.53 during trading hours on Monday, reaching $15.68. 12,006,109 shares of the company's stock were exchanged, compared to its average volume of 10,050,688. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $12.60 billion, a P/E ratio of 9.50, a P/E/G ratio of 0.97 and a beta of 4.34. The business has a fifty day moving average price of $14.32 and a 200-day moving average price of $14.92.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business's quarterly revenue was up 60.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 EPS. Analysts predict that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.83%. This is a positive change from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources's dividend payout ratio is presently 36.36%.

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.