Permian Resources Co. (NYSE:PR) Shares Sold by AlphaCentric Advisors LLC

AlphaCentric Advisors LLC lowered its stake in shares of Permian Resources Co. (NYSE:PR) by 14.1% during the fourth quarter, Holdings Channel reports. The fund owned 12,857 shares of the company’s stock after selling 2,109 shares during the quarter. AlphaCentric Advisors LLC’s holdings in Permian Resources were worth $185,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its holdings in Permian Resources by 24.8% in the 4th quarter. Principal Financial Group Inc. now owns 4,973,117 shares of the company’s stock valued at $71,516,000 after purchasing an additional 988,627 shares in the last quarter. Principal Securities Inc. raised its position in shares of Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after buying an additional 852 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Permian Resources by 1.5% during the fourth quarter. Rhumbline Advisers now owns 1,682,022 shares of the company’s stock valued at $24,187,000 after buying an additional 24,152 shares during the period. New Mexico Educational Retirement Board boosted its position in Permian Resources by 33.2% during the fourth quarter. New Mexico Educational Retirement Board now owns 129,868 shares of the company’s stock worth $1,868,000 after acquiring an additional 32,368 shares during the last quarter. Finally, New York State Teachers Retirement System boosted its position in Permian Resources by 36.9% during the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock worth $3,881,000 after acquiring an additional 72,726 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the company’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 value of $134,043.30. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Stock Performance

Shares of PR stock opened at $14.17 on Monday. The company’s fifty day simple moving average is $14.73 and its 200-day simple moving average is $14.47. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 52 week low of $12.62 and a 52 week high of $18.28. The company has a market cap of $11.38 billion, a PE ratio of 8.59, a P/E/G ratio of 3.96 and a beta of 4.28.

Analysts Set New Price Targets

PR has been the topic of a number of recent analyst reports. Truist Financial increased their price target on 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 target on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Morgan Stanley began coverage on Permian Resources in a report on Friday, January 10th. They issued 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 issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.13.

About Permian Resources

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.