South Street Advisors LLC Increases Holdings in Permian Resources Co. (NYSE:PR)

South Street Advisors LLC grew its holdings in shares of Permian Resources Co. (NYSE:PR) by 63.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 856,602 shares of the company’s stock after buying an additional 331,822 shares during the period. Permian Resources accounts for about 1.9% of South Street Advisors LLC’s holdings, making the stock its 22nd largest holding. South Street Advisors LLC owned about 0.11% of Permian Resources worth $12,318,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. 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 valued at $299,790,000 after purchasing an additional 1,263,460 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Permian Resources by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after purchasing an additional 1,543,854 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Permian Resources by 7.2% in the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company’s stock valued at $196,025,000 after purchasing an additional 909,740 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Permian Resources by 17.6% in the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after purchasing an additional 1,638,618 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of Permian Resources by 19.8% in the 4th quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock valued at $131,710,000 after purchasing an additional 1,511,923 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PR. Piper Sandler reduced their target price on 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 Permian Resources from a “neutral” rating to a “positive” rating and boosted their target price for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Morgan Stanley assumed coverage on Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price target on the stock. Finally, Williams Trading set a $19.00 price target on Permian Resources in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus target price of $19.35.

Permian Resources Stock Performance

NYSE PR opened at $13.61 on Tuesday. 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 business’s 50 day moving average is $14.39 and its two-hundred day moving average is $14.34. Permian Resources Co. has a 12-month low of $11.84 and a 12-month high of $18.28. The stock has a market capitalization of $10.93 billion, a price-to-earnings ratio of 8.25, a PEG ratio of 4.05 and a beta of 4.30.

Permian Resources Announces Dividend

The firm 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 dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s payout ratio is 41.96%.

Insiders Place Their Bets

In related news, CFO Guy M. Oliphint sold 8,761 shares of the company’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 value 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 represents a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was 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 in the company, valued at approximately $822,525.36. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,446 shares of company stock worth $269,731. Company insiders own 12.80% of the company’s stock.

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.