Kennedy Capital Management LLC Decreases Position in Permian Resources Co. (NYSE:PR)

Kennedy Capital Management LLC cut its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 8.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 515,551 shares of the company's stock after selling 44,760 shares during the quarter. Kennedy Capital Management LLC owned approximately 0.06% of Permian Resources worth $7,414,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Principal Securities Inc. grew its stake in shares of Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after purchasing an additional 852 shares during the period. ORG Wealth Partners LLC purchased a new position in Permian Resources in the 4th quarter worth approximately $31,000. Global Retirement Partners LLC grew its holdings in Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock valued at $36,000 after buying an additional 1,232 shares in the last quarter. Rakuten Securities Inc. increased its position in Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock worth $36,000 after purchasing an additional 2,305 shares during the last quarter. Finally, Lindbrook Capital LLC grew its position in Permian Resources by 294.8% in the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock worth $42,000 after acquiring an additional 2,155 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Permian Resources

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada dropped their price objective on Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a research note on Monday. Susquehanna raised shares of Permian Resources from a "neutral" rating to a "positive" rating and increased their target price for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Citigroup cut shares of Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Piper Sandler reduced 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, Williams Trading set a $19.00 target price on Permian Resources 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 and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $18.73.

Permian Resources Price Performance

Shares of Permian Resources stock traded up $0.55 during mid-day trading on Thursday, reaching $12.05. 7,660,587 shares of the stock were exchanged, compared to its average volume of 9,645,275. The firm has a 50-day simple moving average of $13.14 and a 200 day simple moving average of $14.14. Permian Resources Co. has a fifty-two week low of $10.01 and a fifty-two week high of $17.84. The company has a market cap of $9.68 billion, a price-to-earnings ratio of 7.29, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. 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 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.98%. Permian Resources's dividend payout ratio (DPR) is presently 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.