Russell Investments Group Ltd. Buys 160,723 Shares of Permian Resources Co. (NASDAQ:PR)

Russell Investments Group Ltd. raised its position in shares of Permian Resources Co. (NASDAQ:PR) by 29.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 702,834 shares of the company’s stock after acquiring an additional 160,723 shares during the period. Russell Investments Group Ltd. owned approximately 0.09% of Permian Resources worth $9,559,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its position in Permian Resources by 17.1% in the 3rd quarter. Vanguard Group Inc. now owns 28,467,963 shares of the company’s stock valued at $397,413,000 after acquiring an additional 4,148,519 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 14.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 6,694,799 shares of the company’s stock worth $93,459,000 after purchasing an additional 870,496 shares during the last quarter. Jennison Associates LLC purchased a new position in Permian Resources in the 3rd quarter worth about $76,629,000. Westfield Capital Management Co. LP bought a new stake in Permian Resources during the 3rd quarter valued at about $54,744,000. Finally, Northern Trust Corp boosted its position in Permian Resources by 35.6% in the 3rd quarter. Northern Trust Corp now owns 3,672,866 shares of the company’s stock valued at $51,273,000 after buying an additional 964,362 shares during the period. Institutional investors own 91.84% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was 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 in the company, valued at approximately $400,251,949.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Permian Resources news, CEO William M. Hickey III sold 4,000,000 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $62,840,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,916,943 shares of company stock valued at $516,796,999. Insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

NASDAQ PR opened at $17.38 on Tuesday. Permian Resources Co. has a 12-month low of $8.94 and a 12-month high of $18.28. The firm’s fifty day simple moving average is $16.90 and its two-hundred day simple moving average is $14.77. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $13.41 billion, a P/E ratio of 12.83 and a beta of 4.32.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Analysts forecast that Permian Resources Co. will post 1.66 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. 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 payout ratio is 17.24%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Citigroup lifted their price target on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Truist Financial lifted their target price on Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Mizuho increased their price target on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Piper Sandler lifted their price objective on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, Wells Fargo & Company upped their price objective on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.31.

Permian Resources 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.