Wedbush Securities Inc. Has $905,000 Stock Holdings in Permian Resources Co. (NYSE:PR)

Wedbush Securities Inc. lowered its position in shares of Permian Resources Co. (NYSE:PR) by 28.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 62,937 shares of the company’s stock after selling 25,248 shares during the quarter. Wedbush Securities Inc.’s holdings in Permian Resources were worth $905,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PR. Vanguard Group Inc. raised its stake in Permian Resources by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock worth $944,487,000 after purchasing an additional 870,622 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Permian Resources during the fourth quarter worth approximately $431,676,000. State Street Corp raised its position in shares of Permian Resources by 6.1% in the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock valued at $299,790,000 after buying an additional 1,263,460 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake 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 buying an additional 291,444 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Permian Resources by 7.2% during the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company’s stock worth $196,025,000 after buying an additional 909,740 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Bank of America cut their target price on Permian Resources from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. 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 report on Thursday, March 27th. Truist Financial increased their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Piper Sandler reduced their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Finally, Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and raised their price objective for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.13.

Insider Transactions at Permian Resources

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of the stock in a transaction on Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the acquisition, 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 position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,685 shares of company stock worth $135,687. Company insiders own 12.80% of the company’s stock.

Permian Resources Trading Down 12.4 %

Shares of PR stock opened at $10.74 on Monday. Permian Resources Co. has a 1-year low of $10.42 and a 1-year high of $18.28. 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 has a market cap of $8.63 billion, a price-to-earnings ratio of 6.51, a PEG ratio of 4.05 and a beta of 3.81. The stock has a 50-day moving average of $13.87 and a 200-day moving average of $14.34.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 5.59%. Permian Resources’s payout ratio is 41.96%.

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.