Mount Lucas Management LP Sells 17,102 Shares of Permian Resources Co. (NYSE:PR)

Mount Lucas Management LP lessened its stake in shares of Permian Resources Co. (NYSE:PR) by 16.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 85,599 shares of the company’s stock after selling 17,102 shares during the period. Mount Lucas Management LP’s holdings in Permian Resources were worth $1,231,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Securities Inc. lifted its holdings in shares of Permian Resources by 73.6% during 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 period. ORG Wealth Partners LLC acquired a new position in Permian Resources during the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC lifted its stake in Permian Resources by 98.4% during 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. Lindbrook Capital LLC boosted its holdings in shares of Permian Resources by 294.8% in the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock valued at $42,000 after purchasing an additional 2,155 shares in the last quarter. Finally, Sunbelt Securities Inc. increased its stake in shares of Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after purchasing an additional 800 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PR shares. Citigroup dropped their price objective on Permian Resources from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Truist Financial increased their target price on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Piper Sandler decreased 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. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and increased their price objective for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. Finally, Morgan Stanley initiated coverage on shares of Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price on the stock. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Permian Resources presently has an average rating of “Buy” and a consensus price target of $19.31.

Permian Resources Trading Up 1.9 %

NYSE PR opened at $12.68 on Monday. Permian Resources Co. has a 12 month low of $11.84 and a 12 month high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $10.18 billion, a PE ratio of 7.68, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. The business’s 50-day moving average price is $14.58 and its two-hundred day moving average price is $14.39.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.73%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio is presently 41.96%.

Insider Transactions at Permian Resources

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of the stock in a transaction on Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the acquisition, the director now owns 812,429 shares in the company, valued at $10,618,447.03. This trade represents a 160.04 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,446 shares of company stock worth $269,731. Company insiders own 12.80% of the company’s stock.

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.