Victory Capital Management Inc. Increases Stake in Permian Resources Co. (NYSE:PR)

Victory Capital Management Inc. increased its stake in Permian Resources Co. (NYSE:PR - Free Report) by 43.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,756,558 shares of the company's stock after purchasing an additional 832,773 shares during the quarter. Victory Capital Management Inc. owned approximately 0.34% of Permian Resources worth $39,639,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PR. Principal Securities Inc. raised its stake 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 valued at $29,000 after buying an additional 852 shares during the period. ORG Wealth Partners LLC bought a new stake in Permian Resources in the 4th quarter valued at about $31,000. Global Retirement Partners LLC raised its stake 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 during the period. Sunbelt Securities Inc. lifted its holdings in Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock valued at $43,000 after purchasing an additional 800 shares during the last quarter. Finally, National Bank of Canada FI bought a new position in Permian Resources during the third quarter worth about $45,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

Permian Resources stock traded up $0.46 during mid-day trading on Wednesday, hitting $13.32. 11,746,342 shares of the company traded hands, compared to its average volume of 8,720,215. 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 one year low of $11.84 and a one year high of $18.28. The stock has a market cap of $10.70 billion, a price-to-earnings ratio of 8.07, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. The stock has a fifty day moving average price of $14.51 and a 200-day moving average price of $14.37.

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Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date is Monday, March 17th. Permian Resources's dividend payout ratio is currently 41.96%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Williams Trading set a $19.00 price target on shares of Permian Resources in a research report on Wednesday, March 5th. Piper Sandler lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Morgan Stanley began coverage on Permian Resources in a report on Friday, January 10th. They issued an "overweight" rating and a $19.00 price target for the company. Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and boosted their price objective for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. Finally, Truist Financial increased their price objective on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $19.29.

Insider Buying and Selling

In other news, CFO Guy M. Oliphint sold 8,761 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William J. Quinn acquired 500,000 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 18,446 shares of company stock worth $269,731. Corporate insiders own 12.80% of the company's stock.

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.