American International Group Inc. Has $10.23 Million Stock Position in Permian Resources Co. (NASDAQ:PR)

American International Group Inc. lifted its stake in Permian Resources Co. (NASDAQ:PRFree Report) by 42.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 752,286 shares of the company’s stock after purchasing an additional 225,665 shares during the quarter. American International Group Inc. owned 0.10% of Permian Resources worth $10,231,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. boosted its position in Permian Resources by 47.4% during the 4th quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock worth $23,466,000 after acquiring an additional 554,694 shares during the period. Mount Lucas Management LP acquired a new stake in Permian Resources during the 4th quarter worth about $746,000. Tower Research Capital LLC TRC boosted 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 acquiring an additional 18,398 shares during the period. Franklin Resources Inc. boosted its position in Permian Resources by 74.2% during the 4th quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after acquiring an additional 149,851 shares during the period. Finally, Swiss National Bank lifted its holdings in shares of Permian Resources by 31.1% during the 4th quarter. Swiss National Bank now owns 724,348 shares of the company’s stock valued at $9,851,000 after buying an additional 171,648 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on PR shares. Citigroup upped their price target on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Susquehanna upped their price target on Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, April 22nd. Stifel Nicolaus upped their target price on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. Finally, JPMorgan Chase & Co. upped their target price on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.38.

Check Out Our Latest Stock Analysis on Permian Resources

Insider Buying and Selling at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the completion of the transaction, the director now owns 158,665 shares of the company’s stock, valued at approximately $2,605,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 12.80% of the company’s stock.

Permian Resources Trading Down 1.0 %

NASDAQ:PR opened at $15.32 on Friday. Permian Resources Co. has a 1-year low of $9.79 and a 1-year high of $18.28. The business’s 50-day moving average price is $16.88 and its two-hundred day moving average price is $15.12. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $11.80 billion, a price-to-earnings ratio of 11.06 and a beta of 4.26.

Permian Resources (NASDAQ:PRGet Free Report) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. On average, equities analysts expect that Permian Resources Co. will post 1.8 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were issued a $0.06 dividend. The ex-dividend date was Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 1.57%. Permian Resources’s payout ratio is currently 21.82%.

About Permian Resources

(Free Report)

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.

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Institutional Ownership by Quarter for Permian Resources (NASDAQ:PR)

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