Tectonic Advisors LLC Buys Shares of 31,600 Permian Resources Co. (NYSE:PR)

Tectonic Advisors LLC purchased a new position in shares of Permian Resources Co. (NYSE:PR - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 31,600 shares of the company's stock, valued at approximately $454,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Hexagon Capital Partners LLC grew its position in shares of Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock worth $27,000 after buying an additional 1,998 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in Permian Resources during the fourth quarter worth approximately $31,000. UMB Bank n.a. boosted its holdings in Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock valued at $38,000 after purchasing an additional 1,390 shares in the last quarter. Sunbelt Securities Inc. increased its stake in Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock valued at $43,000 after purchasing an additional 800 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in Permian Resources by 399.5% during the third quarter. Blue Trust Inc. now owns 3,287 shares of the company's stock worth $45,000 after purchasing an additional 2,629 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

PR has been the topic of a number of recent analyst reports. Piper Sandler increased their target price 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. Benchmark dropped their price objective on Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, October 16th. Truist Financial boosted their target price on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a report on Monday, January 13th. Morgan Stanley started coverage on Permian Resources in a research note on Friday, January 10th. They set an "overweight" rating and a $19.00 price target on the stock. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. 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 company. Based on data from MarketBeat.com, Permian Resources presently has an average rating of "Moderate Buy" and an average price target of $19.13.

Permian Resources Price Performance

Permian Resources stock traded up $0.56 during mid-day trading on Monday, reaching $14.93. The company had a trading volume of 3,166,192 shares, compared to its average volume of 6,986,480. The stock's 50-day simple moving average is $14.79 and its 200-day simple moving average is $14.50. The company has a market capitalization of $11.99 billion, a P/E ratio of 9.04, a P/E/G 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 company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Insider Activity

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction dated 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 in the company, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 12.80% of the company's stock.

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.