Securian Asset Management Inc. Sells 1,237 Shares of Permian Resources Co. (NYSE:PR)

Securian Asset Management Inc. trimmed its stake in Permian Resources Co. (NYSE:PR) by 2.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 48,109 shares of the company’s stock after selling 1,237 shares during the quarter. Securian Asset Management Inc.’s holdings in Permian Resources were worth $692,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. State Street Corp lifted its holdings in shares of Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock valued at $299,790,000 after purchasing an additional 1,263,460 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of 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 in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of 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 purchasing an additional 909,740 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 in the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of Permian Resources by 19.8% during the fourth quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock valued at $131,710,000 after purchasing an additional 1,511,923 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Insider Transactions at Permian Resources

In other news, Director William J. Quinn purchased 500,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the purchase, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP John Charles Bell sold 2,804 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the transaction, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at approximately $1,044,294.99. The trade was a 3.63 % 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 over the last 90 days. Company insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PR. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and upped their price objective for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Piper Sandler reduced their price objective 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. Finally, Morgan Stanley assumed coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. One investment 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 stock. Based on data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average price target of $19.35.

Permian Resources Stock Performance

NYSE PR opened at $13.63 on Monday. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of 8.26, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The business has a 50-day moving average price of $14.42 and a 200-day moving average price of $14.34. Permian Resources Co. has a twelve month low of $11.84 and a twelve month high of $18.28.

Permian Resources Dividend Announcement

The firm 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) 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.