Wellington Management Group LLP Purchases 608,496 Shares of Permian Resources Co. (NYSE:PR)

Wellington Management Group LLP raised its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 1,435.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 650,900 shares of the company's stock after buying an additional 608,496 shares during the quarter. Wellington Management Group LLP owned about 0.08% of Permian Resources worth $9,360,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Permian Resources by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock worth $944,487,000 after purchasing an additional 870,622 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Permian Resources during the fourth quarter valued at about $431,676,000. State Street Corp raised its holdings in Permian Resources by 6.1% in the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company's stock valued at $299,790,000 after acquiring an additional 1,263,460 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Permian Resources by 7.2% in the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock worth $196,025,000 after acquiring an additional 909,740 shares during the period. Finally, American Century Companies Inc. grew its holdings in shares of Permian Resources by 1.6% during the 4th quarter. American Century Companies Inc. now owns 11,299,054 shares of the company's stock worth $162,480,000 after purchasing an additional 172,856 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

Several research analysts recently commented on PR shares. JPMorgan Chase & Co. reduced their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Williams Trading set a $19.00 price objective on shares of Permian Resources in a report on Wednesday, March 5th. Citigroup cut shares of Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. Piper Sandler cut their price target on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. Finally, Bank of America lowered their price objective on Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Permian Resources has a consensus rating of "Moderate Buy" and a consensus price target of $18.73.

Insider Activity at Permian Resources

In other Permian Resources 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 transaction of $38,288.62. Following the completion of the sale, the chief accounting officer now owns 58,668 shares of the company's stock, valued at approximately $822,525.36. This represents a 4.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William J. Quinn purchased 500,000 shares of the business's stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares of the company's stock, valued at approximately $10,618,447.03. The trade was a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 9,685 shares of company stock valued at $135,687 in the last quarter. Insiders own 12.80% of the company's stock.

Permian Resources Price Performance

PR traded up $0.15 on Tuesday, hitting $11.15. 1,658,678 shares of the stock were exchanged, compared to its average volume of 9,594,742. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 12 month low of $10.01 and a 12 month high of $18.06. The firm has a market capitalization of $8.96 billion, a price-to-earnings ratio of 6.74, a PEG ratio of 4.05 and a beta of 3.81. The business has a 50-day moving average of $13.26 and a two-hundred day moving average of $14.18.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 5.38%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources's dividend payout ratio is 41.96%.

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.