Wellington Management Group LLP Has $9.36 Million Stake in Permian Resources Co. (NYSE:PR)

Wellington Management Group LLP grew its stake in shares of Permian Resources Co. (NYSE:PR) by 1,435.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 650,900 shares of the company’s stock after acquiring an additional 608,496 shares during the quarter. Wellington Management Group LLP owned about 0.08% of Permian Resources worth $9,360,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Kingsview Wealth Management LLC acquired a new position in shares of Permian Resources during the fourth quarter worth $632,000. Wright Investors Service Inc. acquired a new stake in Permian Resources during the 4th quarter worth about $498,000. Charles Schwab Investment Management Inc. increased its holdings in Permian Resources by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock worth $62,407,000 after purchasing an additional 176,320 shares in the last quarter. New York State Teachers Retirement System lifted its position in shares of Permian Resources by 36.9% during the 4th quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock valued at $3,881,000 after acquiring an additional 72,726 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in shares of Permian Resources during the third quarter valued at about $2,172,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director William J. Quinn acquired 500,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were acquired at an average price of $13.07 per share, with a total value 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock worth $135,687 in the last ninety days. 12.80% of the stock is owned by insiders.

Permian Resources Trading Up 14.6 %

PR opened at $11.87 on Thursday. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $18.28. The stock’s fifty day moving average is $13.49 and its two-hundred day moving average is $14.24. The company has a market capitalization of $9.54 billion, a P/E ratio of 7.19, a PEG ratio of 4.05 and a beta of 3.81. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 5.05%. Permian Resources’s dividend payout ratio (DPR) is 41.96%.

Analyst Upgrades and Downgrades

PR has been the subject of a number of analyst reports. Bank of America reduced their price objective on shares of Permian Resources from $19.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Piper Sandler cut their price target on shares of 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 target price on Permian Resources in a research note on Wednesday, March 5th. JPMorgan Chase & Co. cut their target price 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. Finally, Truist Financial upped 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $18.80.

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.