South Street Advisors LLC Boosts Stake in Permian Resources Co. (NYSE:PR)

South Street Advisors LLC boosted its stake in Permian Resources Co. (NYSE:PR) by 63.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 856,602 shares of the company’s stock after acquiring an additional 331,822 shares during the period. Permian Resources makes up approximately 1.9% of South Street Advisors LLC’s portfolio, making the stock its 22nd largest position. South Street Advisors LLC’s holdings in Permian Resources were worth $12,318,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PR. Principal Securities Inc. lifted its stake in Permian Resources by 73.6% in 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 in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Permian Resources during the 4th quarter worth $31,000. Global Retirement Partners LLC lifted its stake in shares of Permian Resources by 98.4% during 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 period. Rakuten Securities Inc. lifted its stake in shares of Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after purchasing an additional 2,305 shares during the period. Finally, Lindbrook Capital LLC lifted its stake in shares of Permian Resources by 294.8% during the 4th 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 period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Down 0.2 %

Shares of NYSE PR opened at $13.61 on Tuesday. Permian Resources Co. has a 12-month low of $11.84 and a 12-month high of $18.28. The company has a market cap of $10.93 billion, a P/E ratio of 8.25, a P/E/G ratio of 4.05 and a beta of 4.30. 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 fifty day moving average price of $14.39 and a 200 day moving average price of $14.34.

Permian Resources Dividend Announcement

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. The ex-dividend date is Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.41%. Permian Resources’s dividend payout ratio is currently 41.96%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PR shares. Piper Sandler reduced their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Citigroup lowered Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Williams Trading set a $19.00 price target on Permian Resources in a research note on Wednesday, March 5th. Truist Financial increased their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Finally, Morgan Stanley assumed coverage on Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.35.

Insider Activity at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction dated 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 directly owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the sale, the chief accounting officer now 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. In the last three months, insiders sold 18,446 shares of company stock worth $269,731. Corporate insiders own 12.80% of the company’s stock.

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.