Titleist Asset Management LLC Makes New Investment in Permian Resources Co. (NYSE:PR)

Titleist Asset Management LLC acquired a new stake in shares of Permian Resources Co. (NYSE:PR) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,804 shares of the company’s stock, valued at approximately $529,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Principal Securities Inc. raised its stake in 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 buying an additional 852 shares during the period. ORG Wealth Partners LLC bought a new stake in shares of Permian Resources during the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC raised its position in shares of 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 period. Rakuten Securities Inc. lifted its holdings in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after purchasing an additional 2,305 shares in the last quarter. Finally, Lindbrook Capital LLC lifted 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 worth $42,000 after purchasing an additional 2,155 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling

In related news, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the transaction, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at approximately $822,525.36. This trade represents a 4.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Guy M. Oliphint sold 4,150 shares of the business’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 directly owns 130,467 shares in the company, valued at $1,825,233.33. The trade was a 3.08 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,685 shares of company stock valued at $135,687. 12.80% of the stock is owned by insiders.

Permian Resources Price Performance

Permian Resources stock opened at $10.74 on Monday. 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 business’s 50 day simple moving average is $13.87 and its 200 day simple moving average is $14.34. Permian Resources Co. has a 12 month low of $10.42 and a 12 month high of $18.28. The company has a market cap of $8.63 billion, a price-to-earnings ratio of 6.51, a PEG ratio of 4.05 and a beta of 3.81.

Permian Resources Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PR shares. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and lifted their price objective for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. Morgan Stanley decreased their price objective on Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Citigroup lowered Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Bank of America decreased their price target on Permian Resources from $19.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Finally, Piper Sandler dropped their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and an average 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.