Trust Point Inc. Grows Stock Holdings in Permian Resources Co. (NYSE:PR)

Trust Point Inc. lifted its position in Permian Resources Co. (NYSE:PR) by 179.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 44,272 shares of the company’s stock after buying an additional 28,435 shares during the quarter. Trust Point Inc.’s holdings in Permian Resources were worth $637,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PR. Jennison Associates LLC increased its stake in Permian Resources by 19.8% during the fourth quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock worth $131,710,000 after purchasing an additional 1,511,923 shares during the period. Abel Hall LLC purchased a new stake in Permian Resources during the 4th quarter worth approximately $192,000. KBC Group NV lifted its holdings in Permian Resources by 60.7% during the 4th quarter. KBC Group NV now owns 25,072 shares of the company’s stock worth $361,000 after buying an additional 9,475 shares in the last quarter. Blue Trust Inc. lifted its holdings in Permian Resources by 28.6% during the 4th quarter. Blue Trust Inc. now owns 4,226 shares of the company’s stock worth $58,000 after buying an additional 939 shares in the last quarter. Finally, Tributary Capital Management LLC boosted its position in Permian Resources by 65.1% in the 4th quarter. Tributary Capital Management LLC now owns 84,805 shares of the company’s stock valued at $1,219,000 after buying an additional 33,448 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Buying and Selling

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 transaction of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, 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 at the SEC website. 12.80% of the stock is owned by company insiders.

Permian Resources Stock Up 2.4 %

Shares of NYSE PR opened at $14.77 on Wednesday. The business has a 50-day moving average price of $14.86 and a 200 day moving average price of $14.53. The stock has a market cap of $11.86 billion, a PE ratio of 8.95, a price-to-earnings-growth ratio of 4.06 and a beta of 4.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 52-week low of $12.59 and a 52-week high of $18.28.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the firm posted $0.36 earnings per share. The company’s revenue for the quarter was up 60.3% compared to the same quarter last year. Equities research analysts forecast that Permian Resources Co. will post 1.45 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Benchmark reduced their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. Morgan Stanley began coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. Piper Sandler raised their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, Truist Financial boosted their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus 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.