Pictet Asset Management Holding SA Purchases 8,969 Shares of Permian Resources Co. (NYSE:PR)

Pictet Asset Management Holding SA raised its holdings in shares of Permian Resources Co. (NYSE:PR) by 12.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 81,300 shares of the company’s stock after buying an additional 8,969 shares during the period. Pictet Asset Management Holding SA’s holdings in Permian Resources were worth $1,169,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Principal Securities Inc. raised 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 bought a new stake in Permian Resources during the 4th quarter worth approximately $31,000. Global Retirement Partners LLC raised its stake in shares of Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after purchasing an additional 1,232 shares during the last quarter. Rakuten Securities Inc. lifted its holdings 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 purchasing an additional 2,305 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its position in shares of Permian Resources by 294.8% during the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock valued at $42,000 after buying an additional 2,155 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Trading Down 12.4 %

Shares of PR opened at $10.74 on Friday. Permian Resources Co. has a fifty-two week low of $10.62 and a fifty-two week high of $18.28. The business has a 50-day moving average of $13.87 and a 200 day moving average of $14.34. The firm has a market cap of $8.63 billion, a P/E ratio of 6.51, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 5.59%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is currently 41.96%.

Insider Activity at Permian Resources

In related news, CFO Guy M. Oliphint sold 4,150 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the sale, the chief financial officer now owns 130,467 shares of the company’s stock, valued at approximately $1,825,233.33. This represents a 3.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the acquisition, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 9,685 shares of company stock worth $135,687. 12.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Piper Sandler lowered their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Bank of America dropped their price target on shares of Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and upped their price objective for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. cut their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

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.