Gamco Investors INC. ET AL Grows Holdings in Permian Resources Co. (NYSE:PR)

Gamco Investors INC. ET AL raised its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 29.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 155,000 shares of the company's stock after acquiring an additional 35,000 shares during the period. Gamco Investors INC. ET AL's holdings in Permian Resources were worth $2,229,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PR. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Permian Resources during the 4th quarter worth approximately $431,676,000. Invesco Ltd. raised its stake in shares of Permian Resources by 56.1% during the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock worth $113,900,000 after buying an additional 2,845,449 shares in the last quarter. Perpetual Ltd purchased a new position in shares of Permian Resources during the 4th quarter worth approximately $27,104,000. Jennison Associates LLC raised its stake in shares of Permian Resources by 19.8% during the 4th quarter. Jennison Associates LLC now owns 9,159,252 shares of the company's stock worth $131,710,000 after buying an additional 1,511,923 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in shares of Permian Resources by 68.7% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 3,636,091 shares of the company's stock worth $52,288,000 after acquiring an additional 1,481,360 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PR shares. Williams Trading set a $19.00 price target on Permian Resources in a report on Wednesday, March 5th. Citigroup cut Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Royal Bank of Canada lowered their price target on Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. Truist Financial upped their price target on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Finally, Bank of America lowered their price target on Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $18.67.

Permian Resources Trading Down 0.3 %

PR stock traded down $0.04 during trading on Wednesday, reaching $11.82. 3,433,096 shares of the stock traded hands, compared to its average volume of 9,213,927. The business's 50 day moving average price is $12.92 and its 200-day moving average price is $14.08. Permian Resources Co. has a 52-week low of $10.01 and a 52-week high of $17.62. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market capitalization of $9.50 billion, a PE ratio of 7.16, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 5.08%. Permian Resources's payout ratio is currently 41.96%.

Insider Buying and Selling

In related news, Director William J. Quinn purchased 500,000 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $38,288.62. Following the completion of the transaction, the chief accounting officer now owns 58,668 shares of the company's stock, valued at approximately $822,525.36. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,685 shares of company stock valued at $135,687. Corporate insiders own 12.80% of the company's stock.

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.