Pinebridge Investments L.P. Grows Stock Holdings in Permian Resources Co. (NYSE:PR)

Pinebridge Investments L.P. increased its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 94.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 191,587 shares of the company's stock after acquiring an additional 92,856 shares during the quarter. Pinebridge Investments L.P.'s holdings in Permian Resources were worth $2,755,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Permian Resources by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company's stock worth $2,021,000 after buying an additional 662 shares during the last quarter. Louisiana State Employees Retirement System grew its position in shares of Permian Resources by 0.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company's stock valued at $2,540,000 after purchasing an additional 700 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Permian Resources by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company's stock valued at $226,000 after purchasing an additional 805 shares in the last quarter. Principal Securities Inc. grew its position in shares of Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after purchasing an additional 852 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in Permian Resources by 0.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company's stock worth $1,862,000 after acquiring an additional 900 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Performance

PR stock traded up $0.28 on Thursday, hitting $12.08. The company had a trading volume of 9,280,507 shares, compared to its average volume of 9,754,483. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $17.62. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock's 50-day simple moving average is $12.66 and its 200 day simple moving average is $13.99. The stock has a market cap of $9.71 billion, a price-to-earnings ratio of 7.32, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.97%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources's dividend payout ratio is currently 41.96%.

Insider Buying and Selling

In other news, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total transaction of $58,058.50. Following the transaction, the chief financial officer now owns 130,467 shares in the company, valued at $1,825,233.33. This trade represents a 3.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 transaction, the chief accounting officer now owns 58,668 shares in the company, valued at $822,525.36. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,685 shares of company stock worth $135,687. 6.44% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PR has been the topic of a number of recent analyst reports. Morgan Stanley lowered their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. JPMorgan Chase & Co. decreased their price target 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. Bank of America decreased their target price 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. Piper Sandler dropped their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Finally, Citigroup cut shares of Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $18.67.

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.