PNC Financial Services Group Inc. Buys 921 Shares of Permian Resources Co. (NYSE:PR)

PNC Financial Services Group Inc. boosted its holdings in shares of Permian Resources Co. (NYSE:PR) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,048 shares of the company’s stock after acquiring an additional 921 shares during the period. PNC Financial Services Group Inc.’s holdings in Permian Resources were worth $863,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp increased its holdings in shares of Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock valued at $299,790,000 after acquiring an additional 1,263,460 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Permian Resources by 9.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after purchasing an additional 1,543,854 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Permian Resources by 7.2% during the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company’s stock valued at $196,025,000 after purchasing an additional 909,740 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock worth $148,957,000 after buying an additional 1,638,618 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Permian Resources by 19.8% during the fourth quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock worth $131,710,000 after buying an additional 1,511,923 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Performance

Shares of PR stock opened at $13.61 on Tuesday. 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 stock has a market cap of $10.93 billion, a PE ratio of 8.25, a P/E/G ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 1 year low of $11.84 and a 1 year high of $18.28. The stock has a fifty day moving average price of $14.39 and a 200 day moving average price of $14.34.

Permian Resources Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 4.41%. The ex-dividend date is Monday, March 17th. Permian Resources’s payout ratio is 41.96%.

Insider Transactions at Permian Resources

In other Permian Resources news, Director William J. Quinn acquired 500,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were acquired at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the acquisition, the director now directly owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares in the company, valued at $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. Insiders sold a total of 18,446 shares of company stock valued at $269,731 over the last three months. 12.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PR. Piper Sandler cut their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Williams Trading set a $19.00 price target on shares of Permian Resources in a research report on Wednesday, March 5th. Truist Financial upped their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reduced their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.35.

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.