Russell Investments Group Ltd. Raises Stock Position in Permian Resources Co. (NASDAQ:PR)

Russell Investments Group Ltd. grew its holdings in Permian Resources Co. (NASDAQ:PR) by 29.6% in the 4th quarter, HoldingsChannel reports. The firm owned 702,834 shares of the company’s stock after purchasing an additional 160,723 shares during the quarter. Russell Investments Group Ltd.’s holdings in Permian Resources were worth $9,559,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Arizona State Retirement System lifted its stake in Permian Resources by 1.5% in the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock worth $999,000 after acquiring an additional 1,041 shares during the last quarter. Truist Financial Corp lifted its position in shares of Permian Resources by 9.4% during the 4th quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after purchasing an additional 1,086 shares during the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of Permian Resources by 2.1% during the third quarter. Orion Portfolio Solutions LLC now owns 62,816 shares of the company’s stock worth $877,000 after purchasing an additional 1,275 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Permian Resources by 6.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 34,491 shares of the company’s stock valued at $481,000 after buying an additional 1,981 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Permian Resources by 6.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock valued at $471,000 after buying an additional 2,063 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PR. Mizuho upped their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. JPMorgan Chase & Co. increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. Truist Financial boosted their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Citigroup increased their target price on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research report on Friday, April 12th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

Insider Buying and Selling at Permian Resources

In related news, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Brent P. Jensen sold 1,853 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total transaction of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. 12.80% of the stock is owned by company insiders.

Permian Resources Price Performance

Shares of PR opened at $17.38 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. Permian Resources Co. has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The firm has a 50-day simple moving average of $16.90 and a 200-day simple moving average of $14.77. The company has a market capitalization of $13.41 billion, a price-to-earnings ratio of 12.83 and a beta of 4.32.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. On average, equities research analysts anticipate that Permian Resources Co. will post 1.66 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.15%. Permian Resources’s dividend payout ratio (DPR) is 17.24%.

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.