Wedbush Securities Inc. Sells 25,248 Shares of Permian Resources Co. (NYSE:PR)

Wedbush Securities Inc. cut its stake in Permian Resources Co. (NYSE:PR) by 28.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 62,937 shares of the company’s stock after selling 25,248 shares during the quarter. Wedbush Securities Inc.’s holdings in Permian Resources were worth $905,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of PR. Principal Securities Inc. boosted its holdings in Permian Resources by 73.6% during 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 4th quarter worth approximately $31,000. Global Retirement Partners LLC grew its holdings 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 in the last quarter. Rakuten Securities Inc. increased its position in shares of Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after acquiring an additional 2,305 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its holdings in Permian Resources by 294.8% during the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock worth $42,000 after acquiring an additional 2,155 shares during the period. Institutional investors own 91.84% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Bank of America decreased their target price 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 lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and increased their target price for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price target on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Morgan Stanley dropped their price objective on Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.13.

Permian Resources Stock Performance

Permian Resources stock opened at $10.74 on Monday. The firm’s 50 day simple moving average is $13.87 and its 200 day simple moving average is $14.34. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 1-year low of $10.42 and a 1-year high of $18.28. The firm has a market capitalization of $8.63 billion, a PE ratio of 6.51, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

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

Insider Activity at Permian Resources

In other news, CFO Guy M. Oliphint sold 4,150 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were 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 in the company, valued at approximately $1,825,233.33. This trade represents a 3.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William J. Quinn bought 500,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now directly owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 9,685 shares of company stock valued at $135,687. Company insiders own 12.80% of the company’s stock.

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.