Covestor Ltd Raises Stake in Permian Resources Co. (NYSE:PR)

Covestor Ltd boosted its holdings in shares of Permian Resources Co. (NYSE:PR) by 70.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,069 shares of the company’s stock after buying an additional 7,494 shares during the quarter. Covestor Ltd’s holdings in Permian Resources were worth $260,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in PR. Principal Securities Inc. raised its position in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Permian Resources during the 4th quarter valued at approximately $31,000. Global Retirement Partners LLC lifted its stake in shares of Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after purchasing an additional 1,232 shares during the period. Rakuten Securities Inc. lifted its stake in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after purchasing an additional 2,305 shares during the period. Finally, Lindbrook Capital LLC boosted its holdings in Permian Resources by 294.8% during the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock worth $42,000 after buying an additional 2,155 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on PR. JPMorgan Chase & Co. decreased their price objective on shares of 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 target on Permian Resources in a research report on Wednesday, March 5th. Morgan Stanley cut their price objective on Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Bank of America decreased their target price on Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Finally, Piper Sandler dropped their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. One 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.80.

Permian Resources Stock Down 9.6 %

Permian Resources stock traded down $1.14 during trading on Thursday, reaching $10.74. The stock had a trading volume of 2,027,887 shares, compared to its average volume of 9,561,837. Permian Resources Co. has a 52-week low of $10.01 and a 52-week high of $18.28. The business has a 50 day moving average price of $13.49 and a 200 day moving average price of $14.24. 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 stock has a market cap of $8.63 billion, a PE ratio of 6.51, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 5.59%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

Insider Buying and Selling

In related news, Director William J. Quinn bought 500,000 shares of the stock in a transaction dated Monday, March 3rd. The stock was acquired at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction 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 transaction, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,685 shares of company stock worth $135,687 over the last 90 days. 12.80% of the stock is owned by 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.