Ameriprise Financial Inc. Has $62.26 Million Stake in Permian Resources Co. (NYSE:PR)

Ameriprise Financial Inc. boosted its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 34.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,329,757 shares of the company's stock after acquiring an additional 1,111,754 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.54% of Permian Resources worth $62,261,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock valued at $944,487,000 after purchasing an additional 870,622 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after purchasing an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Permian Resources in the fourth quarter valued at approximately $431,676,000. Massachusetts Financial Services Co. MA raised its position in shares of Permian Resources by 1.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after purchasing an additional 291,444 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Permian Resources by 7.2% in the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock valued at $196,025,000 after purchasing an additional 909,740 shares during the period. Institutional investors own 91.84% of the company's stock.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. The trade was a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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. Insiders have sold a total of 9,685 shares of company stock worth $135,687 over the last ninety days. Corporate insiders own 6.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Royal Bank of Canada dropped their price target on shares of Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. UBS Group lifted their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Monday. Susquehanna lowered their price objective on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Bank of America lowered their price objective on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Permian Resources currently has an average rating of "Moderate Buy" and an average target price of $18.47.

Permian Resources Price Performance

NYSE PR traded down $0.29 on Thursday, reaching $13.51. The company's stock had a trading volume of 3,716,508 shares, compared to its average volume of 9,497,756. The firm has a market cap of $10.85 billion, a PE ratio of 8.19, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. The business has a 50-day moving average price of $12.55 and a 200 day moving average price of $13.90. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $16.95. 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 (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business's revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 EPS. Sell-side analysts expect that Permian Resources Co. will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.44%. Permian Resources's dividend payout ratio (DPR) is presently 37.04%.

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.