Allianz SE Invests $397,000 in Permian Resources Co. (NYSE:PR)

Allianz SE bought a new stake in Permian Resources Co. (NYSE:PR) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 28,070 shares of the company’s stock, valued at approximately $397,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Ramirez Asset Management Inc. purchased a new stake in Permian Resources in the fourth quarter worth about $1,117,000. Pictet Asset Management Holding SA raised its position in shares of Permian Resources by 12.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 81,300 shares of the company’s stock worth $1,169,000 after purchasing an additional 8,969 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in Permian Resources during the 4th quarter valued at about $1,958,000. Elo Mutual Pension Insurance Co purchased a new stake in shares of Permian Resources during the fourth quarter valued at approximately $512,000. Finally, EntryPoint Capital LLC bought a new position in Permian Resources in the 4th quarter valued at approximately $251,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Down 1.6 %

PR stock opened at $13.73 on Monday. 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 Co. has a 12-month low of $11.84 and a 12-month high of $18.28. The stock has a market cap of $11.03 billion, a price-to-earnings ratio of 8.32, a PEG ratio of 4.05 and a beta of 4.30. The business’s 50-day moving average is $14.14 and its 200 day moving average is $14.37.

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 4.37%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PR. Morgan Stanley lowered 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 report on Thursday. Williams Trading set a $19.00 target price on shares of Permian Resources in a research report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price target on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Truist Financial raised their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Finally, Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and lifted their price objective for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and an average target price of $19.31.

Insider Activity

In related news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William J. Quinn acquired 500,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the acquisition, the director now directly owns 812,429 shares of the company’s stock, 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. In the last 90 days, insiders have sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is currently owned by company insiders.

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.