Fisher Asset Management LLC Makes New Investment in Permian Resources Co. (NASDAQ:PR)

Fisher Asset Management LLC acquired a new position in Permian Resources Co. (NASDAQ:PR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 194,300 shares of the company's stock, valued at approximately $2,642,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Jennison Associates LLC acquired a new stake in shares of Permian Resources in the 3rd quarter valued at about $76,629,000. Vanguard Group Inc. grew its position in Permian Resources by 17.1% in the 3rd 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 period. Westfield Capital Management Co. LP acquired a new position in shares of Permian Resources during the third quarter valued at about $54,744,000. KGH Ltd bought a new stake in shares of Permian Resources during the third quarter worth about $21,638,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Permian Resources by 68.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,506,547 shares of the company's stock worth $48,951,000 after acquiring an additional 1,425,212 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Stock Performance

PR stock traded down $0.29 during trading on Wednesday, reaching $17.26. The stock had a trading volume of 13,753,031 shares, compared to its average volume of 9,120,583. The stock's 50 day moving average is $16.99 and its two-hundred day moving average is $14.80. The firm has a market cap of $13.32 billion, a PE ratio of 15.14 and a beta of 4.32. Permian Resources Co. has a 52 week low of $8.94 and a 52 week high of $18.28. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. As a group, equities analysts anticipate that Permian Resources Co. will post 1.66 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.39%. The ex-dividend date is Monday, May 20th. This is an increase from Permian Resources's previous quarterly dividend of $0.05. Permian Resources's dividend payout ratio (DPR) is 17.24%.

Insider Buying and Selling

In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company's stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the transaction, the insider now owns 25,477,527 shares in the company, valued at $400,251,949.17. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director William J. Quinn sold 18,076,849 shares of the firm's stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total value of $283,987,297.79. Following the completion of the sale, the director now directly owns 71,056,620 shares of the company's stock, valued at approximately $1,116,299,500.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business's stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. Corporate insiders own 12.80% of the company's stock.

Analyst Ratings Changes

PR has been the subject of several recent analyst reports. Raymond James initiated coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They issued a "strong-buy" rating and a $24.00 target price for the company. Wells Fargo & Company lifted their target price on Permian Resources from $18.00 to $21.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 17th. Mizuho raised their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday. Piper Sandler boosted their target price on shares of Permian Resources from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, April 19th. Finally, Citigroup increased their target price on shares of Permian Resources from $17.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, March 1st. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $19.38.

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.