New Age Alpha Advisors LLC Takes Position in Permian Resources Co. (NYSE:PR)

New Age Alpha Advisors LLC acquired a new position in Permian Resources Co. (NYSE:PR) in the fourth quarter, Holdings Channel reports. The fund acquired 136,181 shares of the company’s stock, valued at approximately $1,958,000.

A number of other hedge funds also recently bought and sold shares of the stock. Elo Mutual Pension Insurance Co bought a new position in Permian Resources in the fourth quarter worth about $512,000. EntryPoint Capital LLC bought a new position in shares of Permian Resources during the 4th quarter worth approximately $251,000. United Services Automobile Association lifted its holdings in shares of Permian Resources by 8.8% during the 4th quarter. United Services Automobile Association now owns 40,148 shares of the company’s stock valued at $577,000 after purchasing an additional 3,233 shares during the last quarter. Vanguard Group Inc. raised its stake in Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock valued at $944,487,000 after buying an additional 870,622 shares during the last quarter. Finally, LPL Financial LLC raised its position in shares of Permian Resources by 26.7% in the 4th quarter. LPL Financial LLC now owns 223,762 shares of the company’s stock valued at $3,218,000 after purchasing an additional 47,087 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

In other news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction that occurred 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 owns 58,668 shares of the company’s stock, valued at $822,525.36. This represents a 4.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William J. Quinn purchased 500,000 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The shares were purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following 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. Insiders sold 18,446 shares of company stock valued at $269,731 over the last 90 days. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Price Performance

NYSE:PR opened at $13.73 on Monday. The firm has a market cap of $11.03 billion, a P/E ratio of 8.32, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. The stock has a 50 day moving average of $14.14 and a two-hundred day moving average of $14.37. Permian Resources Co. has a 12 month low of $11.84 and a 12 month high of $18.28. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.37%. Permian Resources’s payout ratio is currently 41.96%.

Analyst Upgrades and Downgrades

PR has been the subject of several research reports. Truist Financial lifted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note 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 reduced their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Williams Trading set a $19.00 price objective on shares of Permian Resources in a research note on Wednesday, March 5th. Finally, Morgan Stanley cut their price objective on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday. One investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.31.

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.