Massachusetts Financial Services Co. MA grew its position in Permian Resources Co. (NASDAQ:PR – Free Report) by 14.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,694,799 shares of the company’s stock after purchasing an additional 870,496 shares during the period. Massachusetts Financial Services Co. MA owned about 1.18% of Permian Resources worth $93,459,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Swiss National Bank boosted its holdings in shares of Permian Resources by 1.1% in the 3rd quarter. Swiss National Bank now owns 552,700 shares of the company’s stock worth $7,716,000 after buying an additional 5,800 shares during the last quarter. Amalgamated Bank raised its stake in Permian Resources by 508.8% in the third quarter. Amalgamated Bank now owns 159,660 shares of the company’s stock valued at $2,229,000 after purchasing an additional 133,434 shares in the last quarter. Moody Aldrich Partners LLC bought a new position in Permian Resources in the third quarter valued at $9,472,000. Oppenheimer & Co. Inc. purchased a new position in shares of Permian Resources during the 3rd quarter valued at about $813,000. Finally, Keybank National Association OH bought a new stake in shares of Permian Resources in the 3rd quarter worth approximately $394,000. 53.49% of the stock is currently owned by hedge funds and other institutional investors.
Permian Resources Stock Performance
PR opened at $13.26 on Thursday. Permian Resources Co. has a 12-month low of $8.94 and a 12-month high of $15.49. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.08 and a beta of 4.32. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.38. The company’s 50 day moving average is $13.29 and its 200 day moving average is $13.39.
Analyst Upgrades and Downgrades
A number of analysts recently commented on PR shares. UBS Group dropped their price target on Permian Resources from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday, December 14th. Wells Fargo & Company initiated coverage on shares of Permian Resources in a research report on Wednesday, November 15th. They set an “overweight” rating and a $17.00 price target on the stock. Truist Financial raised their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, January 31st. Piper Sandler decreased their target price on Permian Resources from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. Finally, Stifel Nicolaus dropped their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 30th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.40.
Insiders Place Their Bets
In related news, CFO Guy M. Oliphint sold 8,975 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $13.68, for a total value of $122,778.00. Following the completion of the transaction, the chief financial officer now owns 92,638 shares of the company’s stock, valued at approximately $1,267,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Permian Resources news, CFO Guy M. Oliphint sold 8,975 shares of the company’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $13.68, for a total value of $122,778.00. Following the completion of the transaction, the chief financial officer now directly owns 92,638 shares in the company, valued at approximately $1,267,287.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Encap Partners Gp, Llc sold 7,507,508 shares of Permian Resources stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $12.93, for a total transaction of $97,072,078.44. Following the sale, the insider now owns 29,027,950 shares in the company, valued at approximately $375,331,393.50. The disclosure for this sale can be found here. Insiders sold a total of 7,916,483 shares of company stock worth $102,558,856 over the last three months. 23.14% of the stock is currently owned by company insiders.
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. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks in Reeves County, West Texas and Lea County, New Mexico.
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