Permian Resources Co. (NYSE:PR) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its position in Permian Resources Co. (NYSE:PR) by 7.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 13,631,747 shares of the company’s stock after buying an additional 909,740 shares during the period. Bank of New York Mellon Corp’s holdings in Permian Resources were worth $196,025,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PR. Kingsview Wealth Management LLC acquired a new position in shares of Permian Resources during the 4th quarter worth approximately $632,000. Wright Investors Service Inc. acquired a new position in shares of Permian Resources in the fourth quarter worth $498,000. Point72 Asset Management L.P. lifted its position in shares of Permian Resources by 58.3% in the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after acquiring an additional 2,023,742 shares in the last quarter. South Street Advisors LLC acquired a new stake in shares of Permian Resources during the third quarter valued at $7,142,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Permian Resources during the 3rd quarter worth about $556,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PR has been the subject of a number of analyst reports. Truist Financial boosted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Morgan Stanley assumed coverage on Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price for the company. Finally, Piper Sandler increased their target price on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.13.

Insider Transactions at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 12.80% of the company’s stock.

Permian Resources Stock Performance

Shares of PR stock opened at $14.04 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market cap of $11.28 billion, a PE ratio of 8.51, a P/E/G ratio of 4.05 and a beta of 4.28. The company’s fifty day simple moving average is $14.69 and its 200-day simple moving average is $14.47. Permian Resources Co. has a 52 week low of $12.62 and a 52 week high of $18.28.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio is presently 36.36%.

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.