SBI Securities Co. Ltd. Invests $89,000 in Permian Resources Co. (NYSE:PR)

SBI Securities Co. Ltd. purchased a new position in shares of Permian Resources Co. (NYSE:PR) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,209 shares of the company’s stock, valued at approximately $89,000.

Other institutional investors have also modified their holdings of the company. Principal Securities Inc. boosted its stake in shares of Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Permian Resources during the 4th quarter worth approximately $31,000. Global Retirement Partners LLC lifted its stake in Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after buying an additional 1,232 shares in the last quarter. Sunbelt Securities Inc. lifted its stake in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after buying an additional 800 shares in the last quarter. Finally, National Bank of Canada FI purchased a new stake in Permian Resources in the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

In related news, Director William J. Quinn purchased 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was purchased 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 trade represents a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 2,804 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the sale, the executive vice president now owns 74,433 shares of the company’s stock, valued at approximately $1,044,294.99. This represents a 3.63 % 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 worth $269,731 in the last ninety days. Insiders own 12.80% of the company’s stock.

Analysts Set New Price Targets

PR has been the topic of a number of recent research reports. Piper Sandler reduced their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday. Truist Financial upped their target price on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Citigroup reduced their target price on Permian Resources from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and upped their target price for the company from $17.00 to $20.00 in a research note on Wednesday. Finally, Morgan Stanley began coverage on Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price on the stock. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Permian Resources currently has a consensus rating of “Buy” and an average price target of $19.31.

Permian Resources Trading Up 1.9 %

PR stock opened at $12.68 on Friday. The company has a market cap of $10.18 billion, a price-to-earnings ratio of 7.68, a PEG ratio of 4.05 and a beta of 4.30. 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 business has a fifty day simple moving average of $14.58 and a 200-day simple moving average of $14.39. Permian Resources Co. has a 52 week low of $11.84 and a 52 week high of $18.28.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.15 per share. The ex-dividend date is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.73%. Permian Resources’s payout ratio is 41.96%.

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.