Cullen Frost Bankers Inc. Trims Position in Permian Resources Co. (NYSE:PR)

Cullen Frost Bankers Inc. lessened its stake in shares of Permian Resources Co. (NYSE:PR) by 21.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,815 shares of the company’s stock after selling 1,313 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Permian Resources were worth $69,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in shares of Permian Resources by 35.3% during the 3rd quarter. Principal Financial Group Inc. now owns 3,984,490 shares of the company’s stock valued at $54,235,000 after acquiring an additional 1,038,489 shares during the last quarter. CWA Asset Management Group LLC bought a new stake in shares of Permian Resources during the 3rd quarter valued at about $1,351,000. Atria Investments Inc bought a new stake in shares of Permian Resources during the 3rd quarter valued at about $417,000. Sigma Planning Corp boosted its position in shares of Permian Resources by 21.7% during the 3rd quarter. Sigma Planning Corp now owns 22,221 shares of the company’s stock valued at $302,000 after acquiring an additional 3,967 shares during the last quarter. Finally, Legacy Capital Wealth Partners LLC bought a new stake in shares of Permian Resources during the 3rd quarter valued at about $247,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $12.68 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The business’s 50 day simple moving average is $14.58 and its two-hundred day simple moving average is $14.39. The stock has a market capitalization of $10.18 billion, a P/E ratio of 7.68, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a one year low of $11.84 and a one year high of $18.28.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.15 dividend. 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 4.73%. Permian Resources’s dividend payout ratio (DPR) is currently 41.96%.

Insiders Place Their Bets

In other news, CFO Guy M. Oliphint sold 8,761 shares of the business’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 transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 2,804 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 74,433 shares in the company, valued at $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,446 shares of company stock valued at $269,731 in the last ninety days. Company insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Morgan Stanley assumed coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price target for the company. Truist Financial lifted their price target on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and boosted their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Citigroup dropped their target price on Permian Resources from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Piper Sandler dropped their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Permian Resources presently has a consensus rating of “Buy” and an average price target of $19.31.

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.