King Luther Capital Management Corp Boosts Stake in Permian Resources Co. (NYSE:PR)

King Luther Capital Management Corp raised its position in Permian Resources Co. (NYSE:PR) by 4.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,474,639 shares of the company’s stock after purchasing an additional 240,192 shares during the quarter. King Luther Capital Management Corp owned 0.68% of Permian Resources worth $78,725,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Securities Inc. boosted its stake in Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares in the last quarter. ORG Wealth Partners LLC acquired a new stake in Permian Resources in the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC boosted its stake in 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. Lindbrook Capital LLC boosted its stake in Permian Resources by 294.8% in 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. Finally, Sunbelt Securities Inc. boosted its stake in Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after acquiring an additional 800 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on PR. Williams Trading set a $19.00 target price on shares of Permian Resources in a research note on Wednesday, March 5th. Piper Sandler lowered their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Truist Financial lifted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Finally, Morgan Stanley began coverage on shares of Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and an average price target of $19.29.

Insider Transactions at Permian Resources

In other news, EVP John Charles Bell sold 2,804 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the sale, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at approximately $1,044,294.99. The trade was a 3.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William J. Quinn purchased 500,000 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the purchase, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. This trade represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 18,446 shares of company stock valued at $269,731 over the last 90 days. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Stock Down 2.6 %

PR opened at $12.34 on Tuesday. Permian Resources Co. has a fifty-two week low of $11.84 and a fifty-two week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a fifty day moving average of $14.54 and a two-hundred day moving average of $14.38. The stock has a market capitalization of $9.91 billion, a price-to-earnings ratio of 7.48, a PEG ratio of 4.05 and a beta of 4.30.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.86%. Permian Resources’s dividend payout ratio is currently 41.96%.

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.