Zurcher Kantonalbank Zurich Cantonalbank Sells 25,065 Shares of Permian Resources Co. (NYSE:PR)

Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in shares of Permian Resources Co. (NYSE:PR) by 13.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 165,087 shares of the company’s stock after selling 25,065 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Permian Resources were worth $2,374,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Principal Securities Inc. boosted its stake in Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares in the last quarter. ORG Wealth Partners LLC bought a new position in Permian Resources in the 4th quarter worth about $31,000. Global Retirement Partners LLC lifted its stake in Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after acquiring an additional 1,232 shares during the period. Lindbrook Capital LLC lifted its stake in Permian Resources by 294.8% during the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock valued at $42,000 after acquiring an additional 2,155 shares during the period. Finally, Sunbelt Securities Inc. lifted its stake in Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after acquiring an additional 800 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Up 5.4 %

Permian Resources stock opened at $13.63 on Monday. The firm has a 50 day moving average of $14.42 and a 200 day moving average of $14.34. The firm has a market capitalization of $10.95 billion, a price-to-earnings ratio of 8.26, a P/E/G ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 12-month low of $11.84 and a 12-month high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.40%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio is 41.96%.

Analysts Set New Price Targets

Several research firms have issued reports on PR. Truist Financial upped their target price on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Piper Sandler lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note 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. Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.35.

Insider Buying and Selling

In other Permian Resources news, Director William J. Quinn purchased 500,000 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is owned by corporate insiders.

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.