KLP Kapitalforvaltning AS Takes $1.74 Million Position in Permian Resources Co. (NYSE:PR)

KLP Kapitalforvaltning AS acquired a new position in shares of Permian Resources Co. (NYSE:PR) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 120,784 shares of the company’s stock, valued at approximately $1,737,000.

A number of other institutional investors also recently bought and sold shares of PR. Quest Partners LLC purchased a new stake in Permian Resources in the third quarter valued at $150,000. Charles Schwab Investment Management Inc. increased its position in shares of Permian Resources by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,163,553 shares of the company’s stock worth $56,666,000 after purchasing an additional 457,478 shares during the last quarter. Raymond James Trust N.A. purchased a new stake in Permian Resources in the 3rd quarter valued at about $216,000. The Manufacturers Life Insurance Company lifted its position in Permian Resources by 20.9% in the third quarter. The Manufacturers Life Insurance Company now owns 579,375 shares of the company’s stock valued at $7,885,000 after buying an additional 100,056 shares during the last quarter. Finally, Townsquare Capital LLC purchased a new position in Permian Resources during the third quarter worth about $257,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and upped their price target for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Morgan Stanley cut their price objective on Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, 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. One analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.31.

Permian Resources Trading Down 1.6 %

Shares of NYSE:PR opened at $13.73 on Friday. Permian Resources Co. has a 52 week low of $11.84 and a 52 week high of $18.28. The company’s 50 day moving average is $14.14 and its two-hundred day moving average is $14.35. The company has a market cap of $11.03 billion, a PE ratio of 8.32, a P/E/G ratio of 4.05 and a beta of 4.30. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

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 paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio is presently 41.96%.

Insiders Place Their Bets

In related news, CAO Robert Regan Shannon sold 2,731 shares of the business’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 completion of the sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at $822,525.36. The trade was a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,446 shares of company stock valued at $269,731 in the last ninety days. Insiders own 12.80% of the company’s stock.

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.