T. Rowe Price Investment Management Inc. Has $120.28 Million Stake in Permian Resources Co. (NYSE:PR)

T. Rowe Price Investment Management Inc. lifted its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 9.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,364,652 shares of the company's stock after acquiring an additional 709,923 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 1.04% of Permian Resources worth $120,284,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Principal Securities Inc. boosted its stake in Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after purchasing an additional 852 shares during the period. ORG Wealth Partners LLC acquired a new position in shares of Permian Resources during the fourth quarter worth approximately $31,000. Global Retirement Partners LLC boosted its position in shares of Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock valued at $36,000 after acquiring an additional 1,232 shares during the period. Rakuten Securities Inc. grew its stake in shares of Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock worth $36,000 after acquiring an additional 2,305 shares during the last quarter. Finally, RE Dickinson Investment Advisors LLC bought a new position in Permian Resources during the fourth quarter worth $41,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Citigroup lowered shares of Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Royal Bank of Canada reduced their price objective on shares of Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Bank of America lowered 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. Finally, Susquehanna dropped their price target on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating for the company in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $18.67.

Permian Resources Price Performance

Shares of PR stock traded down $0.51 during trading hours on Wednesday, hitting $11.69. 2,764,151 shares of the company's stock were exchanged, compared to its average volume of 9,722,039. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $17.62. The stock has a market cap of $9.39 billion, a price-to-earnings ratio of 7.08, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock's 50-day moving average is $12.70 and its 200-day moving average is $14.00.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date was Monday, March 17th. Permian Resources's dividend payout ratio is presently 41.96%.

Insider Transactions at Permian Resources

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

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.