Price T Rowe Associates Inc. MD Purchases 12,306,854 Shares of Permian Resources Co. (NYSE:PR)

Price T Rowe Associates Inc. MD increased its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 60.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,674,171 shares of the company's stock after purchasing an additional 12,306,854 shares during the period. Price T Rowe Associates Inc. MD owned about 4.07% of Permian Resources worth $469,856,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PR. Dark Forest Capital Management LP lifted its position in shares of Permian Resources by 142.8% during the 4th quarter. Dark Forest Capital Management LP now owns 34,400 shares of the company's stock worth $495,000 after buying an additional 20,233 shares during the period. Hsbc Holdings PLC bought a new stake in Permian Resources during the 4th quarter worth approximately $2,199,000. ClearAlpha Technologies LP increased its holdings in Permian Resources by 33.2% during the 4th quarter. ClearAlpha Technologies LP now owns 39,342 shares of the company's stock valued at $566,000 after purchasing an additional 9,798 shares in the last quarter. Stifel Financial Corp raised its position in Permian Resources by 8.2% in the 4th quarter. Stifel Financial Corp now owns 415,739 shares of the company's stock valued at $5,978,000 after purchasing an additional 31,388 shares during the last quarter. Finally, OneDigital Investment Advisors LLC boosted its stake in Permian Resources by 36.5% in the fourth quarter. OneDigital Investment Advisors LLC now owns 16,167 shares of the company's stock worth $232,000 after purchasing an additional 4,323 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PR. Truist Financial lifted their price target on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a report on Monday, January 13th. Morgan Stanley dropped their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Royal Bank of Canada decreased 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 note on Monday, April 14th. JPMorgan Chase & Co. dropped their price objective on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, Bank of America decreased their price objective on Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.67.

Insider Transactions at Permian Resources

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, the director now owns 812,429 shares in the company, valued at $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock valued at $135,687 over the last three months. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Trading Down 3.3 %

Shares of NYSE:PR traded down $0.41 during mid-day trading on Wednesday, reaching $11.79. The stock had a trading volume of 2,012,379 shares, compared to its average volume of 9,718,746. The firm has a 50 day simple moving average of $12.70 and a two-hundred day simple moving average of $14.00. Permian Resources Co. has a twelve month low of $10.01 and a twelve month high of $17.62. The firm has a market cap of $9.48 billion, a PE ratio of 7.17, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 5.09%. Permian Resources's dividend payout ratio (DPR) is presently 41.96%.

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.