MetLife Investment Management LLC Increases Stock Holdings in Permian Resources Co. (NYSE:PR)

MetLife Investment Management LLC increased its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 9.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 365,197 shares of the company's stock after purchasing an additional 30,513 shares during the period. MetLife Investment Management LLC's holdings in Permian Resources were worth $5,252,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Permian Resources in the fourth quarter valued at approximately $1,881,000. Dimensional Fund Advisors LP increased its stake in Permian Resources by 55.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after buying an additional 4,236,141 shares during the period. First Trust Advisors LP raised its position in Permian Resources by 5.5% during the 4th quarter. First Trust Advisors LP now owns 2,335,547 shares of the company's stock worth $33,585,000 after buying an additional 121,903 shares during the last quarter. Forum Financial Management LP raised its position in Permian Resources by 39.1% during the 4th quarter. Forum Financial Management LP now owns 20,280 shares of the company's stock worth $292,000 after buying an additional 5,705 shares during the last quarter. Finally, Freedom Investment Management Inc. lifted its stake in shares of Permian Resources by 11.3% in the 4th quarter. Freedom Investment Management Inc. now owns 61,911 shares of the company's stock worth $890,000 after acquiring an additional 6,284 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Truist Financial boosted their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. JPMorgan Chase & Co. cut their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Williams Trading set a $19.00 price target on Permian Resources in a report on Wednesday, March 5th. 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 report on Thursday, March 27th. Finally, Citigroup downgraded Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. One 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's stock. According to MarketBeat.com, Permian Resources presently has an average rating of "Moderate Buy" and a consensus target price of $18.67.

Permian Resources Price Performance

Shares of Permian Resources stock traded down $0.17 on Tuesday, hitting $12.23. The company's stock had a trading volume of 2,219,725 shares, compared to its average volume of 9,702,816. 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 firm has a fifty day moving average price of $12.75 and a 200-day moving average price of $14.02. Permian Resources Co. has a 52-week low of $10.01 and a 52-week high of $17.62. The company has a market capitalization of $9.82 billion, a P/E ratio of 7.40, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.91%. Permian Resources's dividend payout ratio is presently 41.96%.

Insider Transactions at Permian Resources

In related news, CAO Robert Regan Shannon sold 2,731 shares of the 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 sale, the chief accounting officer now owns 58,668 shares of the company's stock, valued at $822,525.36. This trade represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Quinn bought 500,000 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 9,685 shares of company stock valued at $135,687 in the last ninety days. Corporate insiders own 12.80% of the company's stock.

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.