Simmons Bank Reduces Stake in Permian Resources Co. (NYSE:PR)

Simmons Bank reduced its position in Permian Resources Co. (NYSE:PR) by 3.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,400 shares of the company’s stock after selling 1,500 shares during the period. Simmons Bank’s holdings in Permian Resources were worth $538,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PR. Kingsview Wealth Management LLC purchased a new stake in shares of Permian Resources in the fourth quarter valued at about $632,000. Wright Investors Service Inc. acquired a new stake in Permian Resources during the 4th quarter valued at $498,000. Point72 Asset Management L.P. grew its holdings in Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after buying an additional 2,023,742 shares during the last quarter. South Street Advisors LLC acquired a new stake in Permian Resources during the 3rd quarter valued at $7,142,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Permian Resources during the 3rd quarter worth about $556,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

Permian Resources stock opened at $14.04 on Friday. The stock’s 50-day moving average is $14.69 and its 200-day moving average is $14.47. The company has a market cap of $11.28 billion, a price-to-earnings ratio of 8.51, a price-to-earnings-growth ratio of 4.05 and a beta of 4.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 12 month low of $12.62 and a 12 month high of $18.28.

Permian Resources Announces Dividend

The firm 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. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.28%. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

Insider Buying and Selling at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 12.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on PR shares. Piper Sandler lifted their price objective on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Truist Financial boosted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, Morgan Stanley initiated coverage on shares of Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective for the company. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.