Mount Lucas Management LP Sells 17,102 Shares of Permian Resources Co. (NYSE:PR)

Mount Lucas Management LP lessened its position in Permian Resources Co. (NYSE:PR) by 16.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 85,599 shares of the company’s stock after selling 17,102 shares during the period. Mount Lucas Management LP’s holdings in Permian Resources were worth $1,231,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp lifted its holdings in shares of Permian Resources by 6.1% in the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after purchasing an additional 1,263,460 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Permian Resources by 9.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after buying an additional 1,543,854 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Permian Resources by 7.2% during the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company’s stock valued at $196,025,000 after buying an additional 909,740 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Permian Resources by 17.6% during the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after buying an additional 1,638,618 shares during the last quarter. Finally, Jennison Associates LLC increased its position in shares of Permian Resources by 19.8% during the fourth quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock worth $131,710,000 after acquiring an additional 1,511,923 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 1.9 %

Permian Resources stock opened at $12.68 on Monday. 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 capitalization of $10.18 billion, a P/E ratio of 7.68, a P/E/G ratio of 4.05 and a beta of 4.30. The firm has a 50 day moving average price of $14.58 and a 200-day moving average price of $14.39. Permian Resources Co. has a twelve month low of $11.84 and a twelve month high of $18.28.

Permian Resources Announces Dividend

The company also recently announced 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. This represents a $0.60 dividend on an annualized basis and a yield of 4.73%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s dividend payout ratio is currently 41.96%.

Insider Buying and Selling at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the transaction, the chief financial officer now owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Charles Bell sold 2,804 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the sale, the executive vice president now owns 74,433 shares in the company, valued at $1,044,294.99. The trade was a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,446 shares of company stock worth $269,731 over the last ninety days. 12.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PR. 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 target on the stock. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and lifted their target price for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Truist Financial increased their price target on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Piper Sandler cut their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Citigroup lowered their target price on shares of Permian Resources from $18.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $19.31.

About Permian Resources

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.