Ramirez Asset Management Inc. Acquires New Shares in Permian Resources Co. (NYSE:PR)

Ramirez Asset Management Inc. acquired a new position in shares of Permian Resources Co. (NYSE:PR - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 77,708 shares of the company's stock, valued at approximately $1,117,000.

Several other hedge funds have also recently bought and sold shares of the stock. Principal Securities Inc. grew its position in Permian Resources by 73.6% during the 4th 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 bought a new stake in Permian Resources during the 4th quarter worth about $31,000. Global Retirement Partners LLC increased its position in Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock valued at $36,000 after acquiring an additional 1,232 shares in the last quarter. Rakuten Securities Inc. raised its stake in shares of Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock worth $36,000 after acquiring an additional 2,305 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its position 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 purchasing an additional 2,155 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Performance

Shares of PR stock traded down $0.04 on Tuesday, hitting $13.82. The company's stock had a trading volume of 2,459,304 shares, compared to its average volume of 9,413,161. Permian Resources Co. has a fifty-two week low of $11.84 and a fifty-two week high of $18.28. 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 stock's 50 day moving average is $14.10 and its 200-day moving average is $14.37. The company has a market capitalization of $11.10 billion, a PE ratio of 8.37, a PEG ratio of 4.05 and a beta of 4.30.

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Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.34%. Permian Resources's payout ratio is 41.96%.

Insider Buying and Selling

In related news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at $822,525.36. This trade represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the company's stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the sale, the chief financial officer now owns 134,617 shares of the company's stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,446 shares of company stock valued at $269,731 over the last 90 days. 12.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PR shares. Susquehanna raised 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 note on Wednesday, March 5th. Piper Sandler cut their price target on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. Truist Financial increased their target price on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Citigroup cut Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Permian Resources has an average rating of "Moderate Buy" and an average price target of $19.13.

Permian Resources Company 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.