Ninepoint Partners LP Trims Position in Permian Resources Co. (NYSE:PR)

Ninepoint Partners LP lowered its stake in shares of Permian Resources Co. (NYSE:PR) by 10.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 719,200 shares of the company’s stock after selling 80,800 shares during the period. Permian Resources comprises approximately 1.5% of Ninepoint Partners LP’s holdings, making the stock its 13th biggest holding. Ninepoint Partners LP’s holdings in Permian Resources were worth $10,342,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in PR. Principal Securities Inc. boosted its stake in Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in Permian Resources during the 4th quarter valued at about $31,000. Global Retirement Partners LLC increased 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 buying an additional 1,232 shares during the period. Rakuten Securities Inc. increased its stake in Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after buying an additional 2,305 shares during the period. Finally, Lindbrook Capital LLC grew its stake in shares of Permian Resources by 294.8% in the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock worth $42,000 after purchasing an additional 2,155 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PR. Truist Financial lifted their target price 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 note on Thursday, March 6th. Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and lifted their price target for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.35.

Permian Resources Trading Up 5.4 %

Shares of PR stock opened at $13.63 on Friday. The company has a market cap of $10.95 billion, a P/E ratio of 8.26, a PEG ratio of 4.05 and a beta of 4.30. The stock has a 50 day simple moving average of $14.42 and a two-hundred day simple moving average of $14.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a fifty-two week low of $11.84 and a fifty-two week high of $18.28.

Permian Resources Announces Dividend

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

Insider Activity at Permian Resources

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This trade represents a 160.04 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction 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 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is owned by 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.