Geode Capital Management LLC Has $159.82 Million Holdings in Permian Resources Co. (NYSE:PR)

Geode Capital Management LLC raised its stake in shares of Permian Resources Co. (NYSE:PR) by 1.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 11,110,824 shares of the company’s stock after purchasing an additional 168,887 shares during the period. Geode Capital Management LLC owned approximately 1.38% of Permian Resources worth $159,823,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC lifted its position in shares of Permian Resources by 30.0% during the fourth quarter. HighPoint Advisor Group LLC now owns 19,418 shares of the company’s stock valued at $291,000 after purchasing an additional 4,478 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Permian Resources by 4.6% during the 4th quarter. Franklin Resources Inc. now owns 1,423,695 shares of the company’s stock worth $20,473,000 after buying an additional 62,886 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Permian Resources by 1,435.0% in the 4th quarter. Wellington Management Group LLP now owns 650,900 shares of the company’s stock worth $9,360,000 after buying an additional 608,496 shares during the last quarter. SCP Investment LP boosted its stake in shares of Permian Resources by 315.4% in the 4th quarter. SCP Investment LP now owns 118,800 shares of the company’s stock worth $1,708,000 after buying an additional 90,200 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Permian Resources in the fourth quarter valued at approximately $431,676,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Trading Up 1.1 %

Shares of PR opened at $10.87 on Tuesday. The business’s 50-day moving average price is $13.79 and its 200-day moving average price is $14.32. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a twelve month low of $10.05 and a twelve month high of $18.28. The stock has a market cap of $8.73 billion, a PE ratio of 6.58, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 5.52%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s payout ratio is 41.96%.

Analyst Upgrades and Downgrades

PR has been the topic of several research analyst reports. Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Williams Trading set a $19.00 price target on shares of Permian Resources in a research report on Wednesday, March 5th. 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 report on Monday, January 13th. Piper Sandler reduced their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Finally, Morgan Stanley lowered their price target on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and a consensus target price of $19.13.

Insider Buying and Selling at Permian Resources

In other news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the sale, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. This trade represents a 4.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William J. Quinn acquired 500,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares of the company’s stock, valued at $10,618,447.03. The trade was a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 9,685 shares of company stock valued at $135,687 in the last three months. Company insiders own 12.80% of the company’s stock.

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.