Advisors Asset Management Inc. Buys 82,038 Shares of Permian Resources Co. (NYSE:PR)

Advisors Asset Management Inc. lifted its holdings in shares of Permian Resources Co. (NYSE:PR) by 67.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 204,501 shares of the company’s stock after purchasing an additional 82,038 shares during the quarter. Advisors Asset Management Inc.’s holdings in Permian Resources were worth $2,941,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Principal Securities Inc. grew its holdings in shares of Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Permian Resources during the fourth quarter worth about $31,000. Global Retirement Partners LLC grew its holdings in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after purchasing an additional 1,232 shares in the last quarter. Rakuten Securities Inc. grew its holdings 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 in the last quarter. Finally, Lindbrook Capital LLC grew its holdings in shares of 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 purchasing an additional 2,155 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

PR has been the subject of several recent analyst reports. Williams Trading set a $19.00 price objective on Permian Resources in a report on Wednesday, March 5th. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Piper Sandler dropped their target price 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 issued an “overweight” rating and a $19.00 target price for the company. One analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.35.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 2,804 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.03, for a total value of $39,340.12. Following the sale, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at $1,044,294.99. This represents a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William J. Quinn purchased 500,000 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the purchase, the director now owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 18,446 shares of company stock worth $269,731 over the last quarter. 12.80% of the stock is owned by corporate insiders.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $13.79 on Friday. 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 company has a market cap of $11.08 billion, a PE ratio of 8.35, a P/E/G ratio of 4.05 and a beta of 4.30. The business has a 50 day moving average of $14.30 and a 200 day moving average of $14.33. Permian Resources Co. has a 52 week low of $11.84 and a 52 week high of $18.28.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.35%. Permian Resources’s dividend payout ratio is presently 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.