Wedbush Securities Inc. Sells 25,248 Shares of Permian Resources Co. (NYSE:PR)

Wedbush Securities Inc. trimmed its stake in Permian Resources Co. (NYSE:PR - Free Report) by 28.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 62,937 shares of the company's stock after selling 25,248 shares during the quarter. Wedbush Securities Inc.'s holdings in Permian Resources were worth $905,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Permian Resources by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock valued at $944,487,000 after acquiring an additional 870,622 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Permian Resources in the fourth quarter valued at $431,676,000. State Street Corp boosted its position in shares of Permian Resources by 6.1% in the third quarter. State Street Corp now owns 22,027,153 shares of the company's stock worth $299,790,000 after buying an additional 1,263,460 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 1.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after buying an additional 291,444 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Permian Resources by 7.2% during the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock valued at $196,025,000 after buying an additional 909,740 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PR shares. Truist Financial lifted their target price on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Bank of America lowered their price objective on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Morgan Stanley lowered their price target on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Finally, Piper Sandler cut their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.80.

Permian Resources Stock Up 4.6 %

Shares of PR traded up $0.49 during trading hours on Friday, hitting $11.05. 9,461,958 shares of the company were exchanged, compared to its average volume of 9,620,296. The firm's 50 day moving average is $13.33 and its 200-day moving average is $14.19. 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 52 week low of $10.01 and a 52 week high of $18.28. The company has a market cap of $8.87 billion, a PE ratio of 6.69, a PEG ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 5.43%. Permian Resources's dividend payout ratio (DPR) is presently 41.96%.

Insider Activity

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was purchased 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 in the company, valued at $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction that occurred 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 directly owns 58,668 shares in the company, valued at approximately $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock valued at $135,687 over the last 90 days. 12.80% of the stock is currently owned by company 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.