250,000 Shares in Permian Resources Co. (NASDAQ:PR) Acquired by Oslo Asset Management AS

Oslo Asset Management AS purchased a new position in Permian Resources Co. (NASDAQ:PR - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 250,000 shares of the company's stock, valued at approximately $3,400,000. Permian Resources makes up 4.0% of Oslo Asset Management AS's investment portfolio, making the stock its 8th largest holding.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Permian Resources by 17.1% during the third quarter. Vanguard Group Inc. now owns 28,467,963 shares of the company's stock valued at $397,413,000 after purchasing an additional 4,148,519 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Permian Resources by 10.5% during the second quarter. BlackRock Inc. now owns 17,943,203 shares of the company's stock worth $196,658,000 after acquiring an additional 1,708,290 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of Permian Resources by 10.0% during the second quarter. Nuveen Asset Management LLC now owns 17,531,746 shares of the company's stock worth $192,148,000 after acquiring an additional 1,592,275 shares during the period. State Street Corp acquired a new stake in shares of Permian Resources during the third quarter worth $100,979,000. Finally, Alliancebernstein L.P. raised its holdings in shares of Permian Resources by 5.6% during the second quarter. Alliancebernstein L.P. now owns 11,121,294 shares of the company's stock worth $121,889,000 after acquiring an additional 586,827 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Activity

In other news, CAO Brent P. Jensen sold 203,687 shares of the business's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Brent P. Jensen sold 203,687 shares of the company's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Brent P. Jensen sold 1,853 shares of the firm's stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the transaction, the chief accounting officer now directly owns 1,047,610 shares of the company's stock, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,916,943 shares of company stock worth $516,796,999. 23.14% of the stock is currently owned by corporate insiders.

Permian Resources Stock Performance

NASDAQ PR traded down $0.08 during trading on Friday, reaching $17.73. The company's stock had a trading volume of 7,085,635 shares, compared to its average volume of 9,630,059. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $13.69 billion, a price-to-earnings ratio of 15.28 and a beta of 4.35. Permian Resources Co. has a 12 month low of $8.94 and a 12 month high of $18.28. The firm has a 50 day moving average price of $15.96 and a 200 day moving average price of $14.42.

Permian Resources (NASDAQ:PR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. As a group, equities analysts anticipate that Permian Resources Co. will post 1.69 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Tuesday, March 12th. Permian Resources's payout ratio is presently 17.24%.

Analyst Ratings Changes

PR has been the topic of a number of research analyst reports. Citigroup raised their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Friday, March 1st. Benchmark lifted their price target on shares of Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Tuesday, March 5th. Mizuho lifted their price target on shares of Permian Resources from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, March 7th. Stifel Nicolaus lifted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Friday, March 22nd. Finally, Raymond James assumed coverage on shares of Permian Resources in a research note on Tuesday. They issued a "strong-buy" rating and a $24.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.62.

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.