Mesirow Institutional Investment Management Inc. Acquires 81,920 Shares of Permian Resources Co. (NYSE:PR)

Mesirow Institutional Investment Management Inc. boosted its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 44.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 268,069 shares of the company's stock after acquiring an additional 81,920 shares during the quarter. Mesirow Institutional Investment Management Inc.'s holdings in Permian Resources were worth $3,855,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Kingsview Wealth Management LLC acquired a new position in Permian Resources in the 4th quarter valued at about $632,000. Wright Investors Service Inc. purchased a new stake in shares of Permian Resources during the 4th quarter valued at $498,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Permian Resources by 4.2% in the 4th 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 in the last quarter. New York State Teachers Retirement System raised its stake in shares of Permian Resources by 36.9% in the 4th quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock valued at $3,881,000 after acquiring an additional 72,726 shares during the period. Finally, Perpetual Ltd acquired a new position in shares of Permian Resources during the 4th quarter valued at $27,104,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PR. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Piper Sandler cut their target price on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. 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. Bank of America dropped their target price on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Finally, Truist Financial lifted their target price on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $18.67.

Insider Activity

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources 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. This trade represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Charles Bell sold 2,804 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the transaction, the executive vice president now owns 74,433 shares in the company, valued at approximately $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. 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. Corporate insiders own 12.80% of the company's stock.

Permian Resources Stock Performance

Shares of NYSE PR traded up $0.01 during trading hours on Friday, hitting $12.21. 3,401,445 shares of the company's stock were exchanged, compared to its average volume of 9,692,607. The stock has a market capitalization of $9.81 billion, a price-to-earnings ratio of 7.39, a PEG ratio of 4.05 and a beta of 3.81. The company's 50-day moving average price is $12.84 and its 200-day moving average price is $14.05. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 1-year low of $10.01 and a 1-year high of $17.62.

Permian Resources Dividend Announcement

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 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date was Monday, March 17th. Permian Resources's payout ratio is 41.96%.

Permian Resources 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.