Gallo Partners LP Takes $844,000 Position in Permian Resources Co. (NYSE:PR)

Gallo Partners LP bought a new position in Permian Resources Co. (NYSE:PR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 58,696 shares of the company's stock, valued at approximately $844,000.

Several other hedge funds and other institutional investors have also modified their holdings of PR. Principal Securities Inc. raised its stake in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after acquiring an additional 852 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in Permian Resources in the fourth quarter worth $31,000. Global Retirement Partners LLC grew its holdings in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after purchasing an additional 1,232 shares during the last quarter. Rakuten Securities Inc. increased its position in Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock valued at $36,000 after acquiring an additional 2,305 shares in the last quarter. Finally, RE Dickinson Investment Advisors LLC bought a new position in Permian Resources in the 4th quarter worth approximately $41,000. Institutional investors own 91.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PR. Bank of America decreased their price objective on Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Truist Financial lifted their price objective on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Williams Trading set a $19.00 target price on shares of Permian Resources in a research report on Wednesday, March 5th. Susquehanna reduced their target price on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Finally, Morgan Stanley dropped their price target on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $18.67.

Insider Activity at Permian Resources

In related news, CFO Guy M. Oliphint sold 4,150 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the sale, the chief financial officer now directly owns 130,467 shares of the company's stock, valued at approximately $1,825,233.33. The trade was a 3.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 completion of the transaction, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,685 shares of company stock worth $135,687. 6.44% of the stock is owned by company insiders.

Permian Resources Trading Up 0.8 %

Shares of PR traded up $0.10 during trading hours on Friday, reaching $12.20. The stock had a trading volume of 8,792,595 shares, compared to its average volume of 9,775,905. The firm has a 50-day moving average of $12.59 and a 200 day moving average of $13.96. 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 company has a market cap of $9.80 billion, a P/E ratio of 7.39, a P/E/G ratio of 4.05 and a beta of 3.81. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $17.62.

Permian Resources Announces Dividend

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