United Services Automobile Association Grows Stock Position in Permian Resources Co. (NYSE:PR)

United Services Automobile Association increased its holdings in Permian Resources Co. (NYSE:PR) by 8.8% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 40,148 shares of the company’s stock after acquiring an additional 3,233 shares during the period. United Services Automobile Association’s holdings in Permian Resources were worth $577,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Securities Inc. lifted its holdings in shares of Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in Permian Resources during the fourth quarter worth $31,000. Global Retirement Partners LLC boosted its position in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after buying an additional 1,232 shares during the period. Rakuten Securities Inc. grew its stake in shares of Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after buying an additional 2,305 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its stake in 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 acquiring an additional 2,155 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Up 2.8 %

PR opened at $14.17 on Tuesday. The stock has a market capitalization of $11.38 billion, a P/E ratio of 8.58, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. 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 $11.84 and a one year high of $18.28. The business’s 50-day simple moving average is $14.28 and its 200-day simple moving average is $14.34.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s dividend payout ratio is currently 41.96%.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of recent research reports. Piper Sandler cut their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and raised their price target for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Williams Trading set a $19.00 price objective on Permian Resources in a research report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Morgan Stanley started coverage on Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.31.

Insider Activity

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was acquired at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the purchase, the director now owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the business’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 completion of the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is currently owned by company insiders.

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.