Janney Montgomery Scott LLC Increases Position in Permian Resources Co. (NYSE:PR)

Janney Montgomery Scott LLC increased its stake in Permian Resources Co. (NYSE:PR) by 11.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,542 shares of the company’s stock after acquiring an additional 2,884 shares during the period. Janney Montgomery Scott LLC’s holdings in Permian Resources were worth $410,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Permian Resources by 6.1% in the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after purchasing an additional 1,263,460 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake 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 valued at $247,042,000 after buying an additional 1,543,854 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock worth $148,957,000 after acquiring an additional 1,638,618 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Permian Resources by 14.5% in the third quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock worth $104,080,000 after acquiring an additional 966,940 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in shares of 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 valued at $74,811,000 after acquiring an additional 2,023,742 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PR shares. Benchmark dropped their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Morgan Stanley started coverage on shares of Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. Piper Sandler upped their price objective on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Finally, Truist Financial lifted their target price on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Two equities 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.13.

Permian Resources Stock Performance

NYSE:PR opened at $14.98 on Tuesday. Permian Resources Co. has a 12-month low of $12.62 and a 12-month high of $18.28. The stock has a 50-day moving average price of $14.79 and a 200 day moving average price of $14.50. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $12.03 billion, a P/E ratio of 9.08, a P/E/G ratio of 3.96 and a beta of 4.28.

Insider Activity at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, 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 legal filing with the SEC, which is available through this link. 12.80% of the stock is currently owned by corporate insiders.

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.