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

Principal Financial Group Inc. boosted its stake in shares of Permian Resources Co. (NYSE:PR) by 24.8% in the fourth quarter, Holdings Channel reports. The fund owned 4,973,117 shares of the company’s stock after purchasing an additional 988,627 shares during the period. Principal Financial Group Inc.’s holdings in Permian Resources were worth $71,516,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of PR. Principal Securities Inc. raised its holdings in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Permian Resources during the 4th quarter worth approximately $31,000. Sunbelt Securities Inc. lifted its holdings in shares of Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after buying an additional 800 shares during the period. Blue Trust Inc. grew 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 acquiring an additional 2,629 shares during the period. Finally, National Bank of Canada FI acquired a new stake in Permian Resources in the third quarter valued at $45,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Permian Resources

In other 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 sale, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 12.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of recent analyst reports. Truist Financial upped their price target 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. Piper Sandler upped 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, 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 price target for the company. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $19.13.

Permian Resources Stock Up 2.2 %

Shares of NYSE:PR opened at $14.61 on Thursday. 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 company has a market capitalization of $11.74 billion, a P/E ratio of 8.86, a P/E/G ratio of 3.92 and a beta of 4.28. Permian Resources Co. has a 52-week low of $12.62 and a 52-week high of $18.28. The stock’s fifty day simple moving average is $14.70 and its 200-day simple moving average is $14.47.

Permian Resources Company 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.