Titleist Asset Management LLC Takes $529,000 Position in Permian Resources Co. (NYSE:PR)

Titleist Asset Management LLC bought a new stake in Permian Resources Co. (NYSE:PR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 36,804 shares of the company's stock, valued at approximately $529,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PR. Russell Investments Group Ltd. lifted its stake in shares of Permian Resources by 183.8% in the 4th quarter. Russell Investments Group Ltd. now owns 1,739,238 shares of the company's stock worth $24,688,000 after acquiring an additional 1,126,336 shares during the period. Envestnet Asset Management Inc. boosted its position in Permian Resources by 16.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 649,708 shares of the company's stock valued at $9,343,000 after purchasing an additional 94,063 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its position in Permian Resources by 121.6% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 31,225 shares of the company's stock valued at $449,000 after acquiring an additional 17,135 shares in the last quarter. Prudential PLC bought a new position in Permian Resources during the fourth quarter valued at about $285,000. Finally, ExodusPoint Capital Management LP raised its position in shares of Permian Resources by 67.3% in the fourth quarter. ExodusPoint Capital Management LP now owns 270,686 shares of the company's stock valued at $3,892,000 after purchasing an additional 108,912 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Robert Regan Shannon sold 2,731 shares of the 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 sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.03, for a total transaction of $39,340.12. Following the transaction, the executive vice president now directly owns 74,433 shares in the company, valued at $1,044,294.99. The trade was a 3.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,685 shares of company stock worth $135,687 in the last quarter. Insiders own 12.80% of the company's stock.

Remove Ads

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Williams Trading set a $19.00 target price on Permian Resources in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their target price 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. Truist Financial boosted their price target on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Piper Sandler decreased their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Finally, Citigroup lowered Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $18.80.

Permian Resources Price Performance

Shares of PR stock traded up $0.49 during trading hours on Friday, hitting $11.05. 9,461,958 shares of the company's stock were exchanged, compared to its average volume of 9,620,296. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $18.28. The stock has a market cap of $8.87 billion, a price-to-earnings ratio of 6.69, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock's 50-day moving average is $13.33 and its 200-day moving average is $14.19.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.43%. The ex-dividend date of this dividend 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.