Allianz SE Acquires Shares in Permian Resources Co. (NYSE:PR)

Allianz SE has announced the purchase of a new position in Permian Resources Co. (NYSE:PR), as disclosed in their recent filing with the SEC. The institutional investor acquired a total of 28,070 shares of the company’s stock, translating to an approximate value of $397,000.

Recent Institutional Investments

In addition to Allianz, several other institutional investors have recently adjusted their holdings in Permian Resources. Yaupon Capital Management LP significantly increased its investment by 225.0% in the third quarter, now owning 3,748,416 shares worth around $51 million after purchasing an additional 2,595,137 shares. Similarly, Point72 Asset Management L.P. raised its stake by 58.3%, accumulating 5,496,765 shares valued at about $74.8 million after acquiring 2,023,742 shares.

Additionally, Perpetual Ltd initiated a new investment in Permian Resources during the fourth quarter, valued at $27.1 million. Geode Capital Management LLC also expanded its position by 17.6% in the third quarter, holding 10,941,937 shares amounting to roughly $149 million, following an increase of 1,638,618 shares. Lastly, Jennison Associates LLC enhanced its investment by 19.8% within the fourth quarter, now owning 9,159,252 shares worth approximately $131.7 million. Overall, around 91.84% of the stock is held by institutional investors.

Current Market Performance

The shares of Permian Resources opened at $13.73 on a recent Monday. The company boasts a market capitalization of $11.03 billion, with a price-to-earnings ratio of 8.32 and a PEG ratio of 4.05. The stock has fluctuated between a one-year low of $11.84 and a high of $18.28. Its current financial metrics display a debt-to-equity ratio of 0.40, a current ratio of 0.68, and a quick ratio of 0.68. The stock's fifty-day simple moving average stands at $14.14, while the two-hundred day average is at $14.37.

Quarterly Dividend Announcement

Permian Resources has also recently announced a quarterly dividend, which is scheduled to be paid on Monday, March 31st. Shareholders registered on March 17th will receive a dividend of $0.15 per share. The ex-dividend date is set for March 17th. This dividend translates to an annual payout of $0.60, offering a yield of 4.37%. Presently, the dividend payout ratio is approximately 41.96%.

Recent Insider Sales

In updates on insider transactions, Chief Accounting Officer Robert Regan Shannon sold 2,731 shares on March 3rd for an average price of $14.02, totaling $38,288.62. Following this transaction, he retains 58,668 shares valued at roughly $822,525.36, reflecting a 4.45% decrease in his ownership. The details of this sale have been disclosed via SEC documentation. Additionally, CFO Guy M. Oliphint sold 8,761 shares on January 3rd at an average price of $15.30, totaling $134,043.30, which decreased his ownership by 6.11%. Over the past 90 days, insiders have sold 18,446 shares of the company's stock, worth $269,731, with corporate insiders holding around 12.80% of the total shares.

Analyst Ratings Updates

Permian Resources has drawn attention from various analysts recently. Truist Financial raised its price target on the stock from $20.00 to $23.00, issuing a “buy” rating. On the other hand, Citigroup downgraded it from a “buy” to a “reduce” rating. Williams Trading set a target price of $19.00, while Susquehanna upgraded its rating from “neutral” to “positive,” increasing its price target from $17.00 to $20.00. Overall, one analyst rates the stock as a “sell,” one as a “hold,” thirteen as “buy,” and one as a “strong buy.” The average rating across analysts is a “Moderate Buy,” with an average price target of $19.31.

Company Profile

Permian Resources Corporation operates independently in the oil and natural gas sector, concentrating on the development of crude oil and natural gas reserves in the United States. Their focus lies primarily on the Delaware Basin, part of the broader Permian Basin, with properties spanning West Texas and areas in New Mexico including Eddy and Lea Counties.

Allianz, Investments, Dividend