T. Rowe Price Investment Management Inc. Grows Stock Position in Permian Resources Co. (NYSE:PR)

T. Rowe Price Investment Management Inc. raised its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 9.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,364,652 shares of the company's stock after buying an additional 709,923 shares during the period. T. Rowe Price Investment Management Inc. owned about 1.04% of Permian Resources worth $120,284,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PR. Principal Securities Inc. grew its position in shares of 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 purchasing an additional 852 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in Permian Resources during the 4th quarter worth approximately $31,000. Global Retirement Partners LLC boosted its holdings in shares of Permian Resources by 98.4% during 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. increased 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 valued at $36,000 after buying an additional 2,305 shares during the period. Finally, RE Dickinson Investment Advisors LLC acquired a new stake in Permian Resources in the fourth quarter valued at $41,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PR shares. Susquehanna lowered their target price on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Piper Sandler dropped their target price on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. JPMorgan Chase & Co. decreased 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. Morgan Stanley dropped their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Finally, Royal Bank of Canada lowered their target price on shares of Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a report on Monday, April 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Permian Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.67.

Permian Resources Stock Performance

PR traded up $0.13 on Monday, hitting $12.39. The company's stock had a trading volume of 7,852,137 shares, compared to its average volume of 9,731,591. Permian Resources Co. has a 12 month low of $10.01 and a 12 month high of $17.62. The company's 50 day simple moving average is $12.79 and its 200-day simple moving average is $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. The firm has a market cap 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.84%. The ex-dividend date was Monday, March 17th. Permian Resources's dividend payout ratio is presently 41.96%.

Insider Transactions at Permian Resources

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 shares were acquired at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.99, for a total value of $58,058.50. Following the sale, the chief financial officer now directly owns 130,467 shares of the company's stock, valued at approximately $1,825,233.33. This trade represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,685 shares of company stock valued at $135,687. 12.80% of the stock is currently owned by corporate insiders.

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.