Envestnet Asset Management Inc. Increases Stock Position in Permian Resources Co. (NYSE:PR)

Envestnet Asset Management Inc. boosted its stake in Permian Resources Co. (NYSE:PR) by 16.9% in the 4th quarter, Holdings Channel reports. The firm owned 649,708 shares of the company’s stock after acquiring an additional 94,063 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Permian Resources were worth $9,343,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Principal Securities Inc. increased its position in shares of Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares during the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Permian Resources in the fourth quarter worth $31,000. Global Retirement Partners LLC increased its position 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 valued at $36,000 after acquiring an additional 1,232 shares during the period. Rakuten Securities Inc. raised its position in Permian Resources by 1,152.5% during the 4th 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 during the last quarter. Finally, Lindbrook Capital LLC raised its holdings 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 acquiring an additional 2,155 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Williams Trading set a $19.00 price target on shares of Permian Resources in a research note on Wednesday, March 5th. Bank of America lowered their price target on Permian Resources from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Piper Sandler dropped their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Finally, Truist Financial raised their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.73.

Permian Resources Trading Up 4.7 %

Shares of PR opened at $12.04 on Friday. The firm has a market cap of $9.67 billion, a P/E ratio of 7.29, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. The company has a 50 day simple moving average of $13.02 and a two-hundred day simple moving average of $14.12. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $17.62. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.99%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s dividend payout ratio is presently 41.96%.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the transaction, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at $1,044,294.99. The trade was a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William J. Quinn acquired 500,000 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the transaction, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 9,685 shares of company stock valued at $135,687. 12.80% of the stock is owned by corporate insiders.

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.