Mesirow Institutional Investment Management Inc. Buys 81,920 Shares of Permian Resources Co. (NYSE:PR)

Mesirow Institutional Investment Management Inc. increased its position in Permian Resources Co. (NYSE:PR) by 44.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 268,069 shares of the company’s stock after acquiring an additional 81,920 shares during the quarter. Mesirow Institutional Investment Management Inc.’s holdings in Permian Resources were worth $3,855,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Permian Resources by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock valued at $944,487,000 after buying an additional 870,622 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Permian Resources in the fourth quarter worth about $431,676,000. Massachusetts Financial Services Co. MA grew its position in shares of Permian Resources by 1.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock worth $265,209,000 after purchasing an additional 291,444 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Permian Resources by 7.2% during the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company’s stock valued at $196,025,000 after purchasing an additional 909,740 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Permian Resources by 55.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock worth $169,864,000 after purchasing an additional 4,236,141 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 4.7 %

Shares of NYSE:PR opened at $12.04 on Friday. 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 50 day simple moving average of $13.02 and a two-hundred day simple moving average of $14.12. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $17.62. The firm has a market capitalization of $9.67 billion, a PE ratio of 7.29, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.99%. Permian Resources’s payout ratio is 41.96%.

Wall Street Analyst Weigh In

PR has been the topic of several recent analyst reports. Truist Financial lifted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Bank of America dropped their price objective on shares of Permian Resources from $19.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Morgan Stanley decreased their target price on Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Williams Trading set a $19.00 price objective on Permian Resources in a research note on Wednesday, March 5th. Finally, Piper Sandler lowered their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.73.

Insider Transactions at Permian Resources

In related news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Quinn bought 500,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares in the company, valued at $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 9,685 shares of company stock worth $135,687. 12.80% of the stock is currently owned by insiders.

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.