Ramirez Asset Management Inc. Takes $1.12 Million Position in Permian Resources Co. (NYSE:PR)

Ramirez Asset Management Inc. purchased a new stake in Permian Resources Co. (NYSE:PR) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 77,708 shares of the company’s stock, valued at approximately $1,117,000.

Several other hedge funds have also modified their holdings of the stock. Principal Securities Inc. boosted its stake in shares of 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 buying an additional 852 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in Permian Resources during the 4th quarter worth $31,000. Global Retirement Partners LLC increased its position in shares of Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after purchasing an additional 1,232 shares during the last quarter. Rakuten Securities Inc. raised its stake in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after purchasing an additional 2,305 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its position in shares of Permian Resources by 294.8% during the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock worth $42,000 after purchasing an additional 2,155 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Down 1.2 %

Shares of PR stock opened at $13.94 on Friday. Permian Resources Co. has a 1 year low of $11.84 and a 1 year high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The business’s fifty day moving average is $14.18 and its 200-day moving average is $14.34. The stock has a market cap of $11.20 billion, a PE ratio of 8.45, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.30%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Piper Sandler decreased their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Truist Financial increased their target price on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Finally, Morgan Stanley dropped their price objective 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. One analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.31.

Insiders Place Their Bets

In other news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the sale, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William J. Quinn bought 500,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the acquisition, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 18,446 shares of company stock worth $269,731. 12.80% of the stock is owned by corporate insiders.

About Permian Resources

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.