Great Lakes Advisors LLC Cuts Stock Position in Permian Resources Co. (NYSE:PR)

Great Lakes Advisors LLC lessened its holdings in Permian Resources Co. (NYSE:PR) by 10.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 213,764 shares of the company’s stock after selling 24,301 shares during the period. Great Lakes Advisors LLC’s holdings in Permian Resources were worth $3,074,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Principal Securities Inc. raised its stake in shares of Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares during the period. ORG Wealth Partners LLC purchased a new stake in Permian Resources during the 4th quarter worth $31,000. Global Retirement Partners LLC increased its stake in Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after buying an additional 1,232 shares during the period. Lindbrook Capital LLC increased its stake in Permian Resources by 294.8% during the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock worth $42,000 after buying an additional 2,155 shares during the period. Finally, Sunbelt Securities Inc. increased its stake in Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after buying an additional 800 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, 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 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. Company insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

PR has been the subject of several recent analyst reports. Williams Trading set a $19.00 price objective on shares of Permian Resources in a report on Wednesday, March 5th. Morgan Stanley initiated coverage on shares of Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. Piper Sandler decreased their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and raised their price objective for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.35.

Permian Resources Trading Up 5.4 %

Permian Resources stock opened at $13.63 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 firm has a 50-day moving average price of $14.42 and a two-hundred day moving average price of $14.34. The firm has a market capitalization of $10.95 billion, a price-to-earnings ratio of 8.26, a PEG ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 52-week low of $11.84 and a 52-week 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 paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s payout ratio is 41.96%.

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.