Hancock Whitney Corp Takes Position in Permian Resources Co. (NYSE:PR)

Hancock Whitney Corp bought a new position in shares of Permian Resources Co. (NYSE:PR - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 29,507 shares of the company's stock, valued at approximately $424,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Permian Resources by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock worth $944,487,000 after purchasing an additional 870,622 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after acquiring an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Permian Resources in the fourth quarter valued at approximately $431,676,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Permian Resources by 1.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after acquiring an additional 291,444 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Permian Resources by 7.2% during the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock worth $196,025,000 after purchasing an additional 909,740 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Activity at Permian Resources

In other news, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the transaction, the chief financial officer now directly owns 130,467 shares in the company, valued at approximately $1,825,233.33. The trade was a 3.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,685 shares of company stock worth $135,687. Company insiders own 6.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PR shares. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Truist Financial lifted their price target on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. JPMorgan Chase & Co. dropped their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Piper Sandler decreased their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. Finally, Morgan Stanley dropped their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock 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 issued a buy rating to the company. According to data from MarketBeat.com, Permian Resources currently has an average rating of "Moderate Buy" and an average target price of $18.67.

Permian Resources Stock Performance

Permian Resources stock traded up $0.28 during trading on Thursday, hitting $12.08. The stock had a trading volume of 9,281,979 shares, compared to its average volume of 9,754,491. 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 stock's 50 day moving average is $12.66 and its two-hundred day moving average is $13.99. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $17.62. The stock has a market cap of $9.71 billion, a price-to-earnings ratio of 7.32, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.97%. Permian Resources's payout ratio is 41.96%.

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.