Swiss National Bank Increases Stake in Permian Resources Co. (NYSE:PR)

Swiss National Bank increased its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 16.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,173,348 shares of the company's stock after purchasing an additional 162,600 shares during the period. Swiss National Bank owned approximately 0.15% of Permian Resources worth $16,873,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in PR. Principal Securities Inc. boosted its position 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 purchasing an additional 852 shares during the period. ORG Wealth Partners LLC bought a new position in shares of Permian Resources during the fourth quarter worth $31,000. Global Retirement Partners LLC boosted its position in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after acquiring an additional 1,232 shares during the last quarter. Rakuten Securities Inc. boosted its position in shares of Permian Resources by 1,152.5% during 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 boosted 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 acquiring an additional 2,155 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In other news, Director William J. Quinn purchased 500,000 shares of the stock in a transaction dated Monday, March 3rd. The shares were acquired at an average cost 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Guy M. Oliphint sold 8,761 shares of the firm's stock in a transaction dated 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 owns 134,617 shares in the company, valued at $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,446 shares of company stock worth $269,731 in the last three months. Corporate insiders own 12.80% of the company's stock.

Analyst Upgrades and Downgrades

PR has been the subject of a number of research reports. Piper Sandler dropped their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Morgan Stanley initiated coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an "overweight" rating and a $19.00 target price for the company. Williams Trading set a $19.00 target price on shares of Permian Resources in a research report on Wednesday, March 5th. Truist Financial upped their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Finally, JPMorgan Chase & Co. decreased their price target on shares of 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 analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $19.35.

Permian Resources Stock Down 1.3 %

Permian Resources stock traded down $0.19 during midday trading on Friday, hitting $13.79. 10,209,679 shares of the company's stock were exchanged, compared to its average volume of 9,228,594. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a 12 month low of $11.84 and a 12 month high of $18.28. The firm has a 50-day moving average of $14.30 and a two-hundred day moving average of $14.33. The company has a market cap of $11.08 billion, a PE ratio of 8.35, a P/E/G ratio of 4.05 and a beta of 4.30.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.35%. The ex-dividend date is Monday, March 17th. Permian Resources's payout ratio is 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.