South Street Advisors LLC Grows Stock Position in Permian Resources Co. (NYSE:PR)

South Street Advisors LLC raised its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 63.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 856,602 shares of the company's stock after purchasing an additional 331,822 shares during the period. Permian Resources accounts for about 1.9% of South Street Advisors LLC's portfolio, making the stock its 22nd biggest position. South Street Advisors LLC owned about 0.11% of Permian Resources worth $12,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PR. Principal Securities Inc. raised its position in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after purchasing an additional 852 shares during the period. ORG Wealth Partners LLC purchased a new stake in shares of Permian Resources in the fourth quarter worth approximately $31,000. Global Retirement Partners LLC raised its holdings in shares of Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after buying an additional 1,232 shares during the period. Rakuten Securities Inc. raised its holdings 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 buying an additional 2,305 shares during the period. Finally, Lindbrook Capital LLC raised its holdings in shares of Permian Resources by 294.8% in 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 during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

Several research analysts recently issued reports on PR shares. Morgan Stanley started coverage on Permian Resources in a research note on Friday, January 10th. They issued an "overweight" rating and a $19.00 price objective on the stock. Susquehanna raised Permian Resources from a "neutral" rating to a "positive" rating and increased their price objective for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. Williams Trading set a $19.00 price objective on Permian Resources in a research note on Wednesday, March 5th. Truist Financial increased their price objective on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Finally, JPMorgan Chase & Co. dropped their price objective on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Permian Resources currently has an average rating of "Moderate Buy" and an average target price of $19.35.

Insider Buying and Selling

In other news, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares of the company's stock, valued at approximately $10,618,447.03. The trade was a 160.04 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm's stock in a transaction 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 $822,525.36. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,446 shares of company stock worth $269,731 in the last 90 days. Insiders own 12.80% of the company's stock.

Permian Resources Stock Down 1.3 %

Shares of Permian Resources stock traded down $0.19 during trading on Friday, reaching $13.79. The company's stock had a trading volume of 10,209,679 shares, compared to its average volume of 9,228,594. 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 company has a market cap of $11.08 billion, a price-to-earnings ratio of 8.35, a P/E/G ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 1-year low of $11.84 and a 1-year high of $18.28. The company has a 50-day simple moving average of $14.30 and a two-hundred day simple moving average of $14.33.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.35%. Permian Resources's payout ratio is 41.96%.

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.