United Services Automobile Association Increases Stock Position in Permian Resources Co. (NYSE:PR)

United Services Automobile Association lifted its holdings in shares of Permian Resources Co. (NYSE:PR) by 8.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 40,148 shares of the company’s stock after purchasing an additional 3,233 shares during the period. United Services Automobile Association’s holdings in Permian Resources were worth $577,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of PR. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Permian Resources by 0.5% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock worth $2,021,000 after buying an additional 662 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Permian Resources by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock valued at $2,540,000 after purchasing an additional 700 shares in the last quarter. Sunbelt Securities Inc. raised its holdings in Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after purchasing an additional 800 shares during the last quarter. CIBC Asset Management Inc raised its holdings in Permian Resources by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock worth $226,000 after purchasing an additional 805 shares during the last quarter. Finally, Principal Securities Inc. boosted its position in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Up 2.8 %

PR opened at $14.17 on Tuesday. The company has a market cap of $11.38 billion, a PE ratio of 8.58, 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 Co. has a 1 year low of $11.84 and a 1 year high of $18.28. The firm has a 50 day moving average price of $14.28 and a 200 day moving average price of $14.34.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.24%. Permian Resources’s payout ratio is 41.96%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PR shares. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Piper Sandler reduced their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. JPMorgan Chase & Co. lowered their price target 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, March 13th. Morgan Stanley began coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. Finally, Truist Financial increased their target price on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and an average target price of $19.31.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 2,804 shares of the business’s 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 transaction, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at approximately $1,044,294.99. The trade was a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, 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 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. Company insiders own 12.80% of the company’s stock.

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.