Permian Resources Co. (NYSE:PR) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 16.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 649,708 shares of the company's stock after acquiring an additional 94,063 shares during the quarter. Envestnet Asset Management Inc. owned 0.08% of Permian Resources worth $9,343,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Kingsview Wealth Management LLC purchased a new stake in Permian Resources during the 4th quarter valued at about $632,000. Wright Investors Service Inc. purchased a new stake in shares of Permian Resources in the fourth quarter valued at approximately $498,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Permian Resources by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock valued at $62,407,000 after purchasing an additional 176,320 shares during the last quarter. New York State Teachers Retirement System lifted its position in Permian Resources by 36.9% during the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock worth $3,881,000 after buying an additional 72,726 shares in the last quarter. Finally, Perpetual Ltd acquired a new position in Permian Resources during the fourth quarter worth $27,104,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PR. Morgan Stanley reduced their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Bank of America cut their target price 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. Williams Trading set a $19.00 price target on Permian Resources in a research note on Wednesday, March 5th. Piper Sandler cut their price objective 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. Finally, Royal Bank of Canada lowered their target price on shares of Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $18.67.

Insider Buying and Selling at Permian Resources

In other news, EVP John Charles Bell sold 2,804 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the sale, the executive vice president now owns 74,433 shares in the company, valued at $1,044,294.99. This represents a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares of the company's stock, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,685 shares of company stock worth $135,687. 12.80% of the stock is owned by insiders.

Permian Resources Stock Performance

PR traded up $0.23 on Thursday, reaching $12.13. The company had a trading volume of 1,862,329 shares, compared to its average volume of 9,694,820. The stock has a 50-day moving average price of $12.87 and a 200-day moving average price of $14.07. The stock has a market capitalization of $9.74 billion, a PE ratio of 7.35, a P/E/G ratio of 4.05 and a beta of 3.81. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $17.62. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.95%. The ex-dividend date was Monday, March 17th. Permian Resources's dividend payout ratio (DPR) is 41.96%.

About Permian Resources

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.