Permian Resources Co. (NYSE:PR) Shares Purchased by Jennison Associates LLC

Jennison Associates LLC lifted its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 19.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,159,252 shares of the company's stock after acquiring an additional 1,511,923 shares during the quarter. Jennison Associates LLC owned 1.14% of Permian Resources worth $131,710,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp increased its stake in shares of Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company's stock worth $299,790,000 after acquiring an additional 1,263,460 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in 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 buying an additional 1,543,854 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Permian Resources by 17.6% during the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock worth $148,957,000 after buying an additional 1,638,618 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in Permian Resources by 58.3% during the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock worth $74,811,000 after buying an additional 2,023,742 shares in the last quarter. Finally, King Luther Capital Management Corp boosted its holdings in Permian Resources by 8.3% during the third quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company's stock worth $71,241,000 after buying an additional 402,515 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of the company's 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 transaction, the chief financial officer now owns 134,617 shares of the company's stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 12.80% of the company's stock.

Permian Resources Trading Down 2.5 %

Shares of PR traded down $0.37 on Thursday, hitting $14.30. 5,344,635 shares of the stock traded hands, compared to its average volume of 7,218,141. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $11.48 billion, a P/E ratio of 8.66, a P/E/G ratio of 4.06 and a beta of 4.28. The stock's 50 day moving average is $14.82 and its two-hundred day moving average is $14.53. Permian Resources Co. has a 1 year low of $12.62 and a 1 year high of $18.28.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company's quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 earnings per share. As a group, sell-side analysts predict that Permian Resources Co. will post 1.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Morgan Stanley assumed coverage on shares of Permian Resources in a report on Friday, January 10th. They set an "overweight" rating and a $19.00 price objective on the stock. Truist Financial boosted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Royal Bank of Canada reissued an "outperform" rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Piper Sandler boosted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Finally, Benchmark decreased their price objective on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, October 16th. Two research 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. Based on data from MarketBeat.com, Permian Resources currently has an average rating of "Moderate Buy" and a consensus price target of $19.13.

Permian Resources 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.