Van ECK Associates Corp lessened its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 6.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,541,089 shares of the company's stock after selling 110,070 shares during the period. Van ECK Associates Corp owned approximately 0.19% of Permian Resources worth $22,161,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the business. ORG Wealth Partners LLC acquired a new position in shares of Permian Resources during the fourth quarter worth about $31,000. Sunbelt Securities Inc. raised its position in 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 last quarter. Blue Trust Inc. lifted its stake in Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company's stock valued at $45,000 after acquiring an additional 2,629 shares in the last quarter. National Bank of Canada FI acquired a new position in Permian Resources during the 3rd quarter worth approximately $45,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Permian Resources during the 3rd quarter worth approximately $57,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.
In other Permian Resources 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 transaction of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares in the company, valued at $2,059,640.10. This represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.80% of the stock is currently owned by corporate insiders.
A number of brokerages have recently commented on PR. 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 research report on Wednesday, January 29th. Morgan Stanley began coverage on shares of Permian Resources in a research note on Friday, January 10th. They issued an "overweight" rating and a $19.00 price target on the stock. Finally, Truist Financial upped their target price on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Permian Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.13.
View Our Latest Analysis on Permian Resources
PR traded down $0.04 during trading hours on Friday, reaching $14.17. The company's stock had a trading volume of 7,359,950 shares, compared to its average volume of 6,673,372. The company's 50-day moving average is $14.73 and its 200-day moving average is $14.48. Permian Resources Co. has a 52 week low of $12.62 and a 52 week high of $18.28. The firm has a market cap of $11.38 billion, a PE ratio of 8.59, a price-to-earnings-growth ratio of 3.96 and a beta of 4.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.
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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