Empowered Funds LLC raised its position in Permian Resources Co. (NYSE:PR - Free Report) by 266.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 715,739 shares of the company's stock after purchasing an additional 520,595 shares during the period. Empowered Funds LLC owned 0.09% of Permian Resources worth $10,292,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Yaupon Capital Management LP increased its stake in Permian Resources by 225.0% in the third quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company's stock valued at $51,016,000 after purchasing an additional 2,595,137 shares during the last quarter. Point72 Asset Management L.P. raised its stake 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 in the last quarter. Perpetual Ltd purchased a new stake in Permian Resources in the fourth quarter valued at $27,104,000. Geode Capital Management LLC boosted its stake in Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock valued at $148,957,000 after acquiring an additional 1,638,618 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 9.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company's stock worth $247,042,000 after purchasing an additional 1,543,854 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
PR has been the subject of a number of research analyst reports. Truist Financial upped their target price on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Benchmark decreased their price objective on Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, October 16th. 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. Finally, Piper Sandler upped their price target on shares of Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $19.13.
Check Out Our Latest Report on Permian Resources
Insider Buying and Selling
In other news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.80% of the stock is currently owned by corporate insiders.
Permian Resources Stock Performance
NYSE PR traded down $0.04 on Thursday, hitting $14.22. 5,844,340 shares of the company's stock were exchanged, compared to its average volume of 7,188,333. The firm has a market cap of $11.43 billion, a price-to-earnings ratio of 8.62, a P/E/G ratio of 3.96 and a beta of 4.28. The firm's 50-day moving average price is $14.74 and its two-hundred day moving average price is $14.49. Permian Resources Co. has a fifty-two week low of $12.62 and a fifty-two week high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.
About Permian Resources
(
Free Report)
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.
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