KLP Kapitalforvaltning AS Buys New Stake in Permian Resources Co. (NYSE:PR)

KLP Kapitalforvaltning AS purchased a new position in Permian Resources Co. (NYSE:PR) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 120,784 shares of the company’s stock, valued at approximately $1,737,000.

Several other institutional investors and hedge funds have also bought and sold shares of PR. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Permian Resources by 0.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock worth $2,021,000 after buying an additional 662 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Permian Resources by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock valued at $2,540,000 after acquiring an additional 700 shares in the last quarter. Sunbelt Securities Inc. increased its holdings in shares of Permian Resources by 33.4% during 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. CIBC Asset Management Inc raised its position in shares of Permian Resources by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock valued at $226,000 after purchasing an additional 805 shares during the last quarter. Finally, Principal Securities Inc. boosted its stake in Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Permian Resources

In other news, Director William J. Quinn acquired 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the 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 transaction, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,446 shares of company stock valued at $269,731 in the last three months. 12.80% of the stock is currently owned by company insiders.

Permian Resources Price Performance

NYSE:PR opened at $13.73 on Friday. The stock has a market capitalization of $11.03 billion, a PE ratio of 8.32, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 52 week low of $11.84 and a 52 week high of $18.28. 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 stock’s 50-day moving average price is $14.14 and its 200-day moving average price is $14.35.

Permian Resources Announces Dividend

The firm 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. This represents a $0.60 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s payout ratio is 41.96%.

Analysts Set New Price Targets

A number of research analysts have issued reports on PR shares. JPMorgan Chase & Co. decreased their price target on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Piper Sandler lowered their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Truist Financial increased their price objective on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. Morgan Stanley decreased their target price on Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.