Principal Financial Group Inc. Grows Stock Holdings in Permian Resources Co. (NYSE:PR)

Principal Financial Group Inc. grew its position in Permian Resources Co. (NYSE:PR) by 24.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,973,117 shares of the company’s stock after buying an additional 988,627 shares during the quarter. Principal Financial Group Inc. owned 0.62% of Permian Resources worth $71,516,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Truist Financial lifted their target price on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. Piper Sandler lifted their price objective on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Morgan Stanley began coverage on shares of Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 target price on the stock. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

Permian Resources Price Performance

Shares of PR opened at $14.61 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 1-year low of $12.62 and a 1-year high of $18.28. The stock has a market cap of $11.74 billion, a PE ratio of 8.86, a price-to-earnings-growth ratio of 3.92 and a beta of 4.28. The firm has a fifty day moving average price of $14.70 and a 200 day moving average price of $14.47.

Insider Transactions at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the firm’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 transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 12.80% of the company’s stock.

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. 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.