Nikko Asset Management Americas Inc. Raises Stake in Permian Resources Co. (NYSE:PR)

Nikko Asset Management Americas Inc. boosted its holdings in Permian Resources Co. (NYSE:PR) by 17.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 54,688 shares of the company’s stock after acquiring an additional 8,187 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Permian Resources were worth $786,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Kingsview Wealth Management LLC purchased a new stake in shares of Permian Resources in the 4th quarter worth approximately $632,000. Wright Investors Service Inc. purchased a new stake in Permian Resources during the 4th quarter valued at about $498,000. Point72 Asset Management L.P. increased its stake in Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after purchasing an additional 2,023,742 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 buying an additional 176,320 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Permian Resources during the third quarter valued at approximately $556,000. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of research analyst reports. Piper Sandler reduced their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Morgan Stanley initiated coverage on Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price for the company. JPMorgan Chase & Co. decreased their price objective on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Williams Trading set a $19.00 target price on shares of Permian Resources in a report on Wednesday, March 5th. Finally, Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and boosted their target price for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.35.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the transaction, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at $1,044,294.99. The trade was a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William J. Quinn acquired 500,000 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 18,446 shares of company stock worth $269,731 over the last 90 days. 12.80% of the stock is owned by insiders.

Permian Resources Stock Performance

NYSE PR opened at $13.61 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 1-year low of $11.84 and a 1-year high of $18.28. The business has a 50 day simple moving average of $14.39 and a two-hundred day simple moving average of $14.34. The stock has a market capitalization of $10.93 billion, a PE ratio of 8.25, a P/E/G ratio of 4.05 and a beta of 4.30.

Permian Resources Dividend Announcement

The firm 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 annualized dividend and a yield of 4.41%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio is presently 41.96%.

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.