Legal & General Group Plc Acquires 41,271 Shares of Permian Resources Co. (NYSE:PR)

Legal & General Group Plc raised its stake in shares of Permian Resources Co. (NYSE:PR) by 4.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 995,395 shares of the company’s stock after purchasing an additional 41,271 shares during the period. Legal & General Group Plc owned approximately 0.12% of Permian Resources worth $14,314,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Securities Inc. boosted its holdings in Permian Resources by 73.6% during the 4th 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 bought a new stake in Permian Resources in the 4th quarter worth about $31,000. Global Retirement Partners LLC increased its stake in 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 buying an additional 1,232 shares during the last quarter. Rakuten Securities Inc. boosted 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 worth $36,000 after buying an additional 2,305 shares during the last quarter. Finally, Lindbrook Capital LLC grew its holdings in shares of Permian Resources by 294.8% in the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock valued at $42,000 after acquiring an additional 2,155 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Price Performance

PR stock opened at $11.02 on Wednesday. The firm has a 50 day simple moving average of $13.20 and a two-hundred day simple moving average of $14.16. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market cap of $8.85 billion, a PE ratio of 6.68, a P/E/G ratio of 4.05 and a beta of 3.81. Permian Resources Co. has a one year low of $10.01 and a one year high of $17.84.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 5.45%. Permian Resources’s dividend payout ratio is presently 41.96%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director William J. Quinn acquired 500,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, the director now owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the transaction, the executive vice president now owns 74,433 shares in the company, valued at approximately $1,044,294.99. This represents a 3.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,685 shares of company stock worth $135,687 over the last 90 days. Corporate insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PR. Royal Bank of Canada dropped their price target on Permian Resources from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Monday. Truist Financial raised their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Piper Sandler lowered their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Finally, Bank of America cut their target price on shares of Permian Resources from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and a consensus target price of $18.73.

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.