Peapack Gladstone Financial Corp Acquires New Position in Permian Resources Co. (NYSE:PR)

Peapack Gladstone Financial Corp bought a new position in Permian Resources Co. (NYSE:PR) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 13,998 shares of the company’s stock, valued at approximately $201,000.

Several other institutional investors and hedge funds have also bought and sold shares of PR. Kingsview Wealth Management LLC bought a new position in Permian Resources in the 4th quarter worth about $632,000. Wright Investors Service Inc. purchased a new stake in Permian Resources during the fourth quarter valued at $498,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Permian Resources by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock worth $62,407,000 after purchasing an additional 176,320 shares during the period. New York State Teachers Retirement System grew its position in shares of Permian Resources by 36.9% during the 4th quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock valued at $3,881,000 after acquiring an additional 72,726 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in Permian Resources in the third quarter worth about $2,172,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction on Monday, March 3rd. The stock was acquired at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the acquisition, the director now directly owns 812,429 shares of the company’s stock, valued at $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm’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 in the company, valued at $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,685 shares of company stock valued at $135,687. Insiders own 12.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PR shares. Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Williams Trading set a $19.00 target price on shares of Permian Resources in a report on Wednesday, March 5th. Morgan Stanley decreased their price target 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. Finally, Bank of America dropped their price target 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. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.80.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $11.87 on Thursday. The company has a 50-day simple moving average of $13.49 and a two-hundred day simple moving average of $14.24. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a one year low of $10.01 and a one year high of $18.28. The company has a market capitalization of $9.54 billion, a PE ratio of 7.19, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 5.05%. Permian Resources’s dividend payout ratio (DPR) is currently 41.96%.

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.