Victory Capital Management Inc. Purchases 832,773 Shares of Permian Resources Co. (NYSE:PR)

Victory Capital Management Inc. boosted its position in shares of Permian Resources Co. (NYSE:PR) by 43.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,756,558 shares of the company’s stock after buying an additional 832,773 shares during the quarter. Victory Capital Management Inc.’s holdings in Permian Resources were worth $39,639,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PR. Principal Securities Inc. raised its holdings 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 buying an additional 852 shares during the last quarter. ORG Wealth Partners LLC bought a new stake in Permian Resources during the 4th quarter valued at $31,000. Global Retirement Partners LLC raised its holdings 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 last quarter. Sunbelt Securities Inc. raised its holdings 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 buying an additional 800 shares during the last quarter. Finally, National Bank of Canada FI bought a new stake in Permian Resources during the 3rd quarter valued at $45,000. 91.84% of the stock is currently owned by institutional investors.

Insider Activity at Permian Resources

In related news, Director William J. Quinn purchased 500,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were purchased at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the acquisition, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is owned by insiders.

Permian Resources Stock Performance

Shares of PR stock opened at $12.68 on Friday. Permian Resources Co. has a one year low of $11.84 and a one year high of $18.28. The company’s 50-day moving average is $14.58 and its 200 day moving average is $14.39. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of 7.68, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. 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 Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have commented on PR. Piper Sandler decreased their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday. 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 report on Monday, January 13th. Morgan Stanley began coverage on shares of Permian Resources in a report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective for the company. Citigroup decreased their price objective on shares of Permian Resources from $18.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and upped their price objective for the stock from $17.00 to $20.00 in a report on Wednesday. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $19.31.

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.