L. Roy Papp & Associates LLP Increases Stock Position in Permian Resources Co. (NYSE:PR)

L. Roy Papp & Associates LLP lifted its holdings in Permian Resources Co. (NYSE:PR) by 55.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,540 shares of the company’s stock after buying an additional 20,185 shares during the quarter. L. Roy Papp & Associates LLP’s holdings in Permian Resources were worth $813,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp boosted its stake in Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after acquiring an additional 1,263,460 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Permian Resources by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after purchasing an additional 1,543,854 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Permian Resources by 17.6% in the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock worth $148,957,000 after buying an additional 1,638,618 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Permian Resources by 19.8% in the 4th quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock worth $131,710,000 after buying an additional 1,511,923 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its position in Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after buying an additional 2,023,742 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Morgan Stanley started coverage on Permian Resources in a report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price on the stock. 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 raised their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Benchmark dropped their target price 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. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.13.

Insider Activity at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of the business’s 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 completion of the sale, the chief financial officer now directly 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 filing with the SEC, which can be accessed through the SEC website. 12.80% of the stock is owned by company insiders.

Permian Resources Price Performance

Shares of PR opened at $15.02 on Wednesday. The firm has a market cap of $12.07 billion, a PE ratio of 9.10, 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 current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $14.78 and a two-hundred day simple moving average of $14.50.

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.