Channing Capital Management LLC Has $8.92 Million Stake in Permian Resources Co. (NYSE:PR)

Channing Capital Management LLC grew its stake in shares of Permian Resources Co. (NYSE:PR) by 286.1% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 620,138 shares of the company’s stock after buying an additional 459,516 shares during the period. Channing Capital Management LLC owned approximately 0.08% of Permian Resources worth $8,918,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Kingsview Wealth Management LLC acquired a new position in Permian Resources in the 4th quarter valued at approximately $632,000. Wright Investors Service Inc. bought a new stake in shares of Permian Resources during the fourth quarter valued at approximately $498,000. Point72 Asset Management L.P. raised its stake in shares of Permian Resources by 58.3% in the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after purchasing an additional 2,023,742 shares in the last quarter. South Street Advisors LLC bought a new position in Permian Resources in the third quarter worth $7,142,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Permian Resources during the third quarter worth $556,000. Institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling

In related news, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the sale, the executive vice president now directly owns 74,433 shares in the company, valued at $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,446 shares of company stock worth $269,731 in the last quarter. Insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Williams Trading set a $19.00 price objective on shares of Permian Resources in a research note on Wednesday, March 5th. Truist Financial raised their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and increased their target price for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. Finally, Morgan Stanley initiated coverage on Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price target on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.29.

Permian Resources Stock Down 2.6 %

Shares of NYSE:PR opened at $12.34 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market cap of $9.91 billion, a P/E ratio of 7.48, a P/E/G ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 12 month low of $11.84 and a 12 month high of $18.28. The company’s 50-day moving average price is $14.54 and its two-hundred day moving average price is $14.38.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.86%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio 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.