Kennedy Capital Management LLC Trims Position in Permian Resources Co. (NYSE:PR)

Kennedy Capital Management LLC reduced its holdings in Permian Resources Co. (NYSE:PR) by 8.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 515,551 shares of the company’s stock after selling 44,760 shares during the period. Kennedy Capital Management LLC owned about 0.06% of Permian Resources worth $7,414,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Principal Securities Inc. raised its position in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Permian Resources during the 4th quarter valued at approximately $31,000. Global Retirement Partners LLC lifted its stake 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 valued at $36,000 after purchasing an additional 1,232 shares during the period. Rakuten Securities Inc. boosted its holdings in Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after buying an additional 2,305 shares in the last quarter. Finally, Lindbrook Capital LLC grew its position in Permian Resources by 294.8% during the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock valued at $42,000 after buying an additional 2,155 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

In other news, Director William J. Quinn acquired 500,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was purchased 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 owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This trade represents a 160.04 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at approximately $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. Insiders have sold a total of 9,685 shares of company stock worth $135,687 in the last ninety days. Insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

PR has been the subject of a number of analyst reports. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and upped their price objective for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Williams Trading set a $19.00 price target on Permian Resources in a report on Wednesday, March 5th. Citigroup lowered Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Piper Sandler reduced their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Finally, Morgan Stanley dropped 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $18.80.

Permian Resources Price Performance

Shares of NYSE PR opened at $11.05 on Friday. The stock has a market capitalization of $8.87 billion, a price-to-earnings ratio of 6.69, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $18.28. The firm has a 50-day simple moving average of $13.33 and a 200-day simple moving average of $14.19. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Announces Dividend

The firm 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 yield of 5.43%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is 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.