By otakuyassine3@gmail.com 
M&T Bank Corp raised its stake in Permian Resources Co. (NYSE:PR – Free Report) by 60.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,742 shares of the company’s stock after purchasing an additional 20,340 shares during the period. M&T Bank Corp’s holdings in Permian Resources were worth $773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently added to or reduced their stakes in PR. Principal Securities Inc. grew its stake in shares of Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Permian Resources during the fourth quarter worth about $31,000. Global Retirement Partners LLC grew its stake in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after acquiring an additional 1,232 shares during the last quarter. Sunbelt Securities Inc. grew its stake in shares of Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after acquiring an additional 800 shares during the last quarter. Finally, National Bank of Canada FI purchased a new stake in shares of 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 Trading Up 3.5 %
Shares of NYSE:PR opened at $13.32 on Thursday. Permian Resources Co. has a 12-month low of $11.84 and a 12-month high of $18.28. The company has a market capitalization of $10.70 billion, a PE ratio of 8.07, a PEG ratio of 4.05 and a beta of 4.30. The business has a 50 day moving average of $14.49 and a two-hundred day moving average of $14.36. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.
Permian Resources Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date is Monday, March 17th. Permian Resources’s payout ratio is presently 41.96%.
Insider Transactions at Permian Resources
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 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 acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the company’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 transaction, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at approximately $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. Insiders sold a total of 18,446 shares of company stock valued at $269,731 in the last three months. 12.80% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on PR. Morgan Stanley began coverage on Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price target on the stock. Susquehanna upgraded 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 note on Wednesday, March 5th. Piper Sandler decreased their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Finally, Williams Trading set a $19.00 target price on Permian Resources in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has assigned 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 stock has an average rating of “Moderate Buy” and an average target price of $19.29.
Get Our Latest Analysis on Permian Resources
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.
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