Channing Capital Management LLC Has $8.92 Million Position in Permian Resources Co. (NYSE:PR)

Channing Capital Management LLC lifted its position in Permian Resources Co. (NYSE:PR) by 286.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 620,138 shares of the company’s stock after buying an additional 459,516 shares during the period. Channing Capital Management LLC’s holdings in Permian Resources were worth $8,918,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Kingsview Wealth Management LLC acquired a new stake in shares of Permian Resources during the fourth quarter worth $632,000. Wright Investors Service Inc. bought a new stake in Permian Resources in the 4th quarter valued at approximately $498,000. Point72 Asset Management L.P. boosted its position 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 worth $74,811,000 after acquiring an additional 2,023,742 shares during the last quarter. South Street Advisors LLC bought a new position in shares of Permian Resources during the 3rd quarter worth approximately $7,142,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of Permian Resources in the third quarter valued at approximately $556,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

PR has been the subject of several recent research reports. Truist Financial increased their target price 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 initiated coverage on shares of Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. Piper Sandler lowered their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Williams Trading set a $19.00 price target on Permian Resources in a research report on Wednesday, March 5th. Finally, Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and raised their price target 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 assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and a consensus price target of $19.29.

Insider Buying and Selling

In related 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 value of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William J. Quinn acquired 500,000 shares of the stock in a transaction on Monday, March 3rd. The shares were bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is owned by company insiders.

Permian Resources Stock Performance

PR opened at $12.34 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. The business has a fifty day simple moving average of $14.54 and a 200 day simple moving average of $14.38. Permian Resources Co. has a 1 year low of $11.84 and a 1 year high of $18.28. The company has a market capitalization of $9.91 billion, a PE ratio of 7.48, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30.

Permian Resources Announces Dividend

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 paid a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.86%. Permian Resources’s dividend payout ratio (DPR) 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.