HighTower Advisors LLC Trims Stock Position in Permian Resources Co. (NYSE:PR)

HighTower Advisors LLC lessened its stake in Permian Resources Co. (NYSE:PR - Free Report) by 46.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 150,596 shares of the company's stock after selling 131,814 shares during the quarter. HighTower Advisors LLC's holdings in Permian Resources were worth $2,166,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Principal Securities Inc. boosted its stake in shares of Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after acquiring an additional 852 shares during the last quarter. ORG Wealth Partners LLC purchased a new position in Permian Resources in the 4th quarter valued at $31,000. Global Retirement Partners LLC boosted its stake in Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after purchasing an additional 1,232 shares during the last quarter. Lindbrook Capital LLC grew its holdings in shares of Permian Resources by 294.8% during the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock worth $42,000 after buying an additional 2,155 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its position in shares of Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock valued at $43,000 after buying an additional 800 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

A number of research firms recently weighed in on PR. Williams Trading set a $19.00 price target on shares of Permian Resources in a research report on Wednesday, March 5th. Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and upped their price target for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. JPMorgan Chase & Co. cut their price target on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Piper Sandler dropped their target price on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. Finally, Morgan Stanley started coverage on Permian Resources in a report on Friday, January 10th. They set an "overweight" rating and a $19.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Permian Resources presently has an average rating of "Moderate Buy" and a consensus target price of $19.31.

Insider Activity at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares of the company's stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,446 shares of company stock worth $269,731. Company insiders own 12.80% of the company's stock.

Permian Resources Stock Up 0.8 %

PR traded up $0.11 during trading hours on Tuesday, hitting $14.26. 5,787,855 shares of the company's stock were exchanged, compared to its average volume of 9,199,018. The firm has a market cap of $11.46 billion, a P/E ratio of 8.64, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 12-month low of $11.84 and a 12-month high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a 50 day moving average of $14.25 and a 200 day moving average of $14.35.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.21%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources's payout ratio is currently 41.96%.

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.