Permian Resources Co. (NYSE:PR) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its position in Permian Resources Co. (NYSE:PR - Free Report) by 24.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 4,973,117 shares of the company's stock after buying an additional 988,627 shares during the period. Principal Financial Group Inc. owned about 0.62% of Permian Resources worth $71,516,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of PR. Louisiana State Employees Retirement System lifted its holdings in shares of Permian Resources by 0.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company's stock worth $2,540,000 after buying an additional 700 shares in the last quarter. Sunbelt Securities Inc. lifted its stake in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock worth $43,000 after purchasing an additional 800 shares in the last quarter. Principal Securities Inc. boosted its holdings in shares of Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after purchasing an additional 852 shares during the last quarter. Blue Trust Inc. grew its position in shares of Permian Resources by 28.6% during the fourth quarter. Blue Trust Inc. now owns 4,226 shares of the company's stock valued at $58,000 after purchasing an additional 939 shares in the last quarter. Finally, MADDEN SECURITIES Corp increased its holdings in shares of Permian Resources by 1.5% in the fourth quarter. MADDEN SECURITIES Corp now owns 68,975 shares of the company's stock worth $992,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Analysts Set New Price Targets

PR has been the topic of a number of research reports. Piper Sandler lifted their price objective on Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. Truist Financial raised their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Finally, Morgan Stanley started coverage on shares of Permian Resources in a research note on Friday, January 10th. They set an "overweight" rating and a $19.00 target price for the company. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $19.13.

Insider Buying and Selling

In related news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 12.80% of the stock is currently owned by company insiders.

Permian Resources Stock Down 4.3 %

Shares of PR stock traded down $0.64 during mid-day trading on Friday, hitting $14.00. 5,402,583 shares of the stock traded hands, compared to its average volume of 7,313,642. Permian Resources Co. has a 52-week low of $12.62 and a 52-week high of $18.28. The stock's fifty day moving average is $14.70 and its two-hundred day moving average 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. The stock has a market cap of $11.24 billion, a P/E ratio of 8.45, a P/E/G ratio of 4.04 and a beta of 4.28.

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.