Choreo LLC Buys New Position in Permian Resources Co. (NYSE:PR)

Choreo LLC acquired a new position in shares of Permian Resources Co. (NYSE:PR - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 24,652 shares of the company's stock, valued at approximately $350,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PR. CWM LLC grew its position in shares of Permian Resources by 74.2% during the third quarter. CWM LLC now owns 8,682 shares of the company's stock worth $118,000 after acquiring an additional 3,698 shares during the last quarter. NBC Securities Inc. grew its position in shares of Permian Resources by 14.3% during the third quarter. NBC Securities Inc. now owns 53,037 shares of the company's stock worth $721,000 after acquiring an additional 6,631 shares during the last quarter. Seven Grand Managers LLC grew its position in shares of Permian Resources by 50.0% during the third quarter. Seven Grand Managers LLC now owns 750,000 shares of the company's stock worth $10,208,000 after acquiring an additional 250,000 shares during the last quarter. Bleakley Financial Group LLC grew its position in shares of Permian Resources by 13.6% during the third quarter. Bleakley Financial Group LLC now owns 14,934 shares of the company's stock worth $203,000 after acquiring an additional 1,784 shares during the last quarter. Finally, Secure Asset Management LLC grew its position in shares of Permian Resources by 32.4% during the third quarter. Secure Asset Management LLC now owns 111,558 shares of the company's stock worth $1,518,000 after acquiring an additional 27,331 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Wall Street Analyst Weigh In

PR has been the topic of a number of research reports. Morgan Stanley initiated coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an "overweight" rating and a $19.00 target price on the stock. Piper Sandler raised their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. Finally, 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. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Permian Resources presently has an average rating of "Moderate Buy" and a consensus target price of $19.13.

Permian Resources Price Performance

Shares of NYSE PR traded down $0.04 during trading on Monday, hitting $14.17. 7,359,950 shares of the company were exchanged, compared to its average volume of 6,673,372. The company has a market cap of $11.38 billion, a price-to-earnings ratio of 8.59, a PEG ratio of 3.96 and a beta of 4.28. Permian Resources Co. has a 1 year low of $12.62 and a 1 year high of $18.28. The firm's fifty day moving average price is $14.72 and its 200 day moving average price is $14.47. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Insiders Place Their Bets

In other news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now owns 134,617 shares of the company's stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 12.80% of the company's stock.

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.