Ramirez Asset Management Inc. Acquires New Shares in Permian Resources Co. (NYSE:PR)

Ramirez Asset Management Inc. bought a new position in Permian Resources Co. (NYSE:PR) during the 4th quarter, HoldingsChannel.com reports. The fund bought 77,708 shares of the company’s stock, valued at approximately $1,117,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kingsview Wealth Management LLC acquired a new position in Permian Resources during the fourth quarter worth $632,000. Wright Investors Service Inc. acquired a new position in shares of Permian Resources during the 4th quarter valued at about $498,000. Point72 Asset Management L.P. raised its stake in shares of Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after acquiring an additional 2,023,742 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Permian Resources by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock worth $62,407,000 after purchasing an additional 176,320 shares during the last quarter. Finally, New York State Teachers Retirement System boosted its position in Permian Resources by 36.9% during the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock worth $3,881,000 after purchasing an additional 72,726 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

NYSE PR opened at $13.94 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The company’s 50-day simple moving average is $14.18 and its 200 day simple moving average is $14.34. The stock has a market cap of $11.20 billion, a P/E ratio of 8.45, a PEG ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a twelve month low of $11.84 and a twelve month high of $18.28.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.30%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s payout ratio is 41.96%.

Insider Buying and Selling

In related news, Director William J. Quinn purchased 500,000 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,446 shares of company stock worth $269,731 in the last quarter. 12.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PR shares. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and boosted their price objective for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. Morgan Stanley cut their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Williams Trading set a $19.00 price objective on Permian Resources in a research report on Wednesday, March 5th. Finally, Piper Sandler lowered their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of “Moderate Buy” and an average target price of $19.31.

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.