Price T Rowe Associates Inc. MD Raises Stake in Permian Resources Co. (NYSE:PR)

Price T Rowe Associates Inc. MD increased its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 60.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,674,171 shares of the company's stock after purchasing an additional 12,306,854 shares during the quarter. Price T Rowe Associates Inc. MD owned 4.07% of Permian Resources worth $469,856,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock worth $944,487,000 after acquiring an additional 870,622 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Permian Resources during the 4th quarter valued at about $431,676,000. Massachusetts Financial Services Co. MA increased its position in shares of Permian Resources by 1.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after purchasing an additional 291,444 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Permian Resources by 7.2% in the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock worth $196,025,000 after purchasing an additional 909,740 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Permian Resources by 55.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock worth $169,864,000 after buying an additional 4,236,141 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Permian Resources

In related news, Director William J. Quinn purchased 500,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares of the company's stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the transaction, the chief financial officer now directly owns 130,467 shares of the company's stock, valued at $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. Insiders have sold a total of 9,685 shares of company stock valued at $135,687 over the last 90 days. 12.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on PR shares. Bank of America decreased their price target on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Williams Trading set a $19.00 target price on Permian Resources in a research report on Wednesday, March 5th. Piper Sandler reduced their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Truist Financial lifted their price objective on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Finally, Citigroup lowered shares of Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Permian Resources currently has an average rating of "Moderate Buy" and an average price target of $18.67.

Permian Resources Price Performance

NYSE PR traded up $0.13 during trading on Monday, hitting $12.39. 7,852,137 shares of the stock traded hands, compared to its average volume of 9,731,591. The company has a market capitalization of $9.96 billion, a P/E ratio of 7.51, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $17.62. The firm has a 50-day simple moving average of $12.79 and a 200-day simple moving average of $14.03. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.84%. The ex-dividend date was Monday, March 17th. Permian Resources's dividend payout ratio is presently 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.