23,521 Shares in Permian Resources Co. (NASDAQ:PR) Bought by Foundry Partners LLC

Foundry Partners LLC purchased a new position in Permian Resources Co. (NASDAQ:PR) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 23,521 shares of the company’s stock, valued at approximately $320,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale acquired a new position in shares of Permian Resources during the fourth quarter valued at $33,000. Clearstead Advisors LLC acquired a new stake in Permian Resources in the third quarter worth about $45,000. Optimum Investment Advisors acquired a new stake in Permian Resources in the fourth quarter worth about $50,000. Fifth Third Bancorp lifted its holdings in Permian Resources by 1,290.7% in the fourth quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock worth $57,000 after purchasing an additional 3,872 shares during the period. Finally, Tucker Asset Management LLC acquired a new stake in Permian Resources in the third quarter worth about $60,000. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PR. Susquehanna boosted their price objective on Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday. Bank of America began coverage on Permian Resources in a research note on Friday, January 5th. They issued a “neutral” rating and a $15.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Friday, April 12th. Raymond James assumed coverage on Permian Resources in a research report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price objective for the company. Finally, Truist Financial increased their price objective on Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Monday. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.31.

Insider Activity at Permian Resources

In related news, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the sale, the chief accounting officer now owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. 23.14% of the stock is owned by insiders.

Permian Resources Stock Performance

Permian Resources stock opened at $17.17 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a fifty day moving average price of $16.45 and a two-hundred day moving average price of $14.60. Permian Resources Co. has a 52-week low of $8.94 and a 52-week high of $18.28. The firm has a market capitalization of $13.25 billion, a P/E ratio of 12.94 and a beta of 4.35.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. As a group, analysts anticipate that Permian Resources Co. will post 1.72 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s dividend payout ratio is presently 17.24%.

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.