Zurcher Kantonalbank Zurich Cantonalbank Has $2.37 Million Stock Holdings in Permian Resources Co. (NYSE:PR)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in Permian Resources Co. (NYSE:PR - Free Report) by 13.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 165,087 shares of the company's stock after selling 25,065 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Permian Resources were worth $2,374,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PR. Yaupon Capital Management LP boosted its position in Permian Resources by 225.0% during the third quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company's stock valued at $51,016,000 after purchasing an additional 2,595,137 shares during the last quarter. Point72 Asset Management L.P. boosted its position in Permian Resources by 58.3% during the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock valued at $74,811,000 after purchasing an additional 2,023,742 shares during the last quarter. Perpetual Ltd acquired a new stake in Permian Resources during the fourth quarter valued at $27,104,000. Geode Capital Management LLC boosted its position in Permian Resources by 17.6% during the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock valued at $148,957,000 after purchasing an additional 1,638,618 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in Permian Resources by 9.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company's stock valued at $247,042,000 after purchasing an additional 1,543,854 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The shares were acquired at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the acquisition, the director now directly owns 812,429 shares of the company's stock, 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 Securities & Exchange Commission, which is available through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the business's 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 $822,525.36. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,446 shares of company stock worth $269,731. Company insiders own 12.80% of the company's stock.

Permian Resources Price Performance

Shares of PR stock traded down $0.11 during trading hours on Thursday, hitting $13.98. The company had a trading volume of 5,554,092 shares, compared to its average volume of 9,238,933. Permian Resources Co. has a 12 month low of $11.84 and a 12 month high of $18.28. The firm has a market capitalization of $11.23 billion, a price-to-earnings ratio of 8.47, a PEG ratio of 4.05 and a beta of 4.30. The firm's fifty day moving average is $14.35 and its 200 day moving average is $14.33. 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 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 paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.29%. Permian Resources's dividend payout ratio is currently 41.96%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Williams Trading set a $19.00 price objective on Permian Resources in a research report on Wednesday, March 5th. Citigroup cut Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Piper Sandler reduced their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Susquehanna raised Permian Resources from a "neutral" rating to a "positive" rating and boosted their price target for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reduced their price target 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. One analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $19.35.

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.