Adage Capital Partners GP L.L.C. Makes New Investment in Permian Resources Co. (NYSE:PR)

Adage Capital Partners GP L.L.C. acquired a new position in shares of Permian Resources Co. (NYSE:PR - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 45,000 shares of the company's stock, valued at approximately $647,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PR. Vanguard Group Inc. boosted its holdings in Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock worth $944,487,000 after acquiring an additional 870,622 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock worth $469,856,000 after purchasing an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Permian Resources in the 4th quarter worth $431,676,000. Massachusetts Financial Services Co. MA grew its position in Permian Resources by 1.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after purchasing an additional 291,444 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Permian Resources by 7.2% during 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 in the last quarter. Institutional investors own 91.84% of the company's stock.

Insiders Place Their Bets

In other Permian Resources news, CFO Guy M. Oliphint sold 4,150 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the sale, the chief financial officer now owns 130,467 shares in the company, valued at $1,825,233.33. This represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William J. Quinn purchased 500,000 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was bought 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 9,685 shares of company stock valued at $135,687 over the last ninety days. 6.44% of the stock is currently owned by insiders.

Permian Resources Stock Performance

PR traded up $0.10 during midday trading on Friday, reaching $12.20. The company had a trading volume of 8,792,595 shares, compared to its average volume of 9,775,905. The business has a 50-day moving average price of $12.59 and a two-hundred day moving average price of $13.96. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $17.62. The stock has a market cap of $9.80 billion, a PE ratio of 7.39, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.92%. The ex-dividend date was Monday, March 17th. Permian Resources's dividend payout ratio (DPR) is 41.96%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PR. Royal Bank of Canada reduced their price objective on shares of Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Williams Trading set a $19.00 price target on Permian Resources in a research note on Wednesday, March 5th. Bank of America lowered their price objective on Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Truist Financial lifted their target price on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Finally, Piper Sandler lowered their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.67.

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.