Cookson Peirce & Co. Inc. Increases Position in Permian Resources Co. (NYSE:PR)

Cookson Peirce & Co. Inc. increased its stake in shares of Permian Resources Co. (NYSE:PR) by 45.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,115 shares of the company’s stock after buying an additional 14,425 shares during the quarter. Cookson Peirce & Co. Inc.’s holdings in Permian Resources were worth $663,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PR. Victory Capital Management Inc. boosted its holdings in Permian Resources by 43.3% in the fourth quarter. Victory Capital Management Inc. now owns 2,756,558 shares of the company’s stock valued at $39,639,000 after purchasing an additional 832,773 shares during the last quarter. Cornerstone Investment Partners LLC boosted its holdings in Permian Resources by 22.0% in the fourth quarter. Cornerstone Investment Partners LLC now owns 50,943 shares of the company’s stock valued at $733,000 after purchasing an additional 9,198 shares during the last quarter. Westover Capital Advisors LLC purchased a new stake in Permian Resources in the fourth quarter valued at $975,000. Charles Schwab Investment Management Inc. boosted its holdings in Permian Resources by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock valued at $62,407,000 after purchasing an additional 176,320 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its holdings in Permian Resources by 6.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 29,391 shares of the company’s stock valued at $423,000 after purchasing an additional 1,797 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PR. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and upped their price objective for the stock from $17.00 to $20.00 in a research report on Wednesday. Citigroup decreased their price objective on shares of Permian Resources from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday. Morgan Stanley began coverage on shares of Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective for the company. Truist Financial upped their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Piper Sandler upped their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $19.38.

Permian Resources Stock Performance

Permian Resources stock opened at $12.46 on Thursday. 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 $10.01 billion, a price-to-earnings ratio of 7.55, a price-to-earnings-growth ratio of 4.05 and a beta of 4.28. The firm has a 50 day simple moving average of $14.63 and a 200-day simple moving average of $14.42. Permian Resources Co. has a 1-year low of $11.84 and a 1-year high of $18.28.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.82%. Permian Resources’s dividend payout ratio is presently 41.96%.

Insider Activity

In other news, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. This trade represents a 4.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William J. Quinn purchased 500,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of 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 ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 18,446 shares of company stock worth $269,731. 12.80% of the stock is currently owned by corporate insiders.

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.