Permian Resources Co. (NASDAQ:PR) Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp grew its position in Permian Resources Co. (NASDAQ:PR) by 1,290.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,172 shares of the company’s stock after purchasing an additional 3,872 shares during the quarter. Fifth Third Bancorp’s holdings in Permian Resources were worth $57,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Tower Research Capital LLC TRC grew its position in Permian Resources by 317.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after purchasing an additional 18,398 shares during the last quarter. Zweig DiMenna Associates LLC grew its position in Permian Resources by 35.6% during the 3rd quarter. Zweig DiMenna Associates LLC now owns 501,300 shares of the company’s stock worth $6,998,000 after purchasing an additional 131,500 shares during the last quarter. Comerica Bank grew its position in Permian Resources by 110,645.5% during the 3rd quarter. Comerica Bank now owns 946,874 shares of the company’s stock worth $13,218,000 after purchasing an additional 946,019 shares during the last quarter. Raymond James & Associates grew its position in Permian Resources by 26.1% during the 4th quarter. Raymond James & Associates now owns 634,123 shares of the company’s stock worth $8,624,000 after purchasing an additional 131,078 shares during the last quarter. Finally, Algert Global LLC grew its position in Permian Resources by 530.0% during the 3rd quarter. Algert Global LLC now owns 104,390 shares of the company’s stock worth $1,457,000 after purchasing an additional 87,820 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the transaction, the insider now owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, 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. Over the last quarter, insiders sold 32,916,943 shares of company stock worth $516,796,999. Insiders own 23.14% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Raymond James assumed coverage on shares of Permian Resources in a report on Tuesday. They issued a “strong-buy” rating and a $24.00 target price on the stock. Benchmark lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Stifel Nicolaus lifted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Bank of America assumed coverage on shares of Permian Resources in a report on Friday, January 5th. They issued a “neutral” rating and a $15.00 target price on the stock. Finally, Piper Sandler lifted their target price on shares of Permian Resources from $17.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, March 7th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.50.

Permian Resources Stock Down 0.3 %

Shares of NASDAQ PR opened at $18.03 on Thursday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $13.92 billion, a price-to-earnings ratio of 15.54 and a beta of 4.35. The firm has a 50-day moving average price of $15.78 and a 200 day moving average price of $14.37. Permian Resources Co. has a 52 week low of $8.94 and a 52 week high of $18.27.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. Equities research analysts anticipate that Permian Resources Co. will post 1.55 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s payout ratio is currently 17.24%.

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.