Webs Creek Capital Management LP Acquires 1,147,856 Shares of Permian Resources Co. (NYSE:PR)

Webs Creek Capital Management LP raised its holdings in shares of Permian Resources Co. (NYSE:PR) by 44.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,729,646 shares of the company’s stock after purchasing an additional 1,147,856 shares during the quarter. Permian Resources makes up 12.9% of Webs Creek Capital Management LP’s holdings, making the stock its 2nd biggest position. Webs Creek Capital Management LP owned about 0.46% of Permian Resources worth $53,632,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Principal Securities Inc. lifted its stake in shares of 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 buying an additional 852 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in shares of Permian Resources in the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC grew its position in shares of Permian Resources by 98.4% in the fourth 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 last quarter. Rakuten Securities Inc. increased its stake in shares of Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after purchasing an additional 2,305 shares during the period. Finally, RE Dickinson Investment Advisors LLC acquired a new stake in Permian Resources during the 4th quarter worth approximately $41,000. 91.84% of the stock is owned by institutional investors.

Insider Activity

In related news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction that occurred 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 sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William J. Quinn purchased 500,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was acquired at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This trade represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 9,685 shares of company stock worth $135,687. Insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on PR. Susquehanna dropped their target price on Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a report on Tuesday. Royal Bank of Canada decreased their target price on shares of Permian Resources from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Monday, April 14th. Truist Financial lifted their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Williams Trading set a $19.00 price target on Permian Resources in a research report on Wednesday, March 5th. Finally, Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.67.

Permian Resources Price Performance

PR stock opened at $11.90 on Thursday. The stock has a market cap of $9.56 billion, a price-to-earnings ratio of 7.21, a P/E/G ratio of 4.05 and a beta of 3.81. 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 company has a 50 day simple moving average of $12.87 and a 200 day simple moving average of $14.07. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $17.62.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 5.04%. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

Permian Resources 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.