Van ECK Associates Corp Sells 110,070 Shares of Permian Resources Co. (NYSE:PR)

Van ECK Associates Corp reduced its stake in shares of Permian Resources Co. (NYSE:PR) by 6.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,541,089 shares of the company’s stock after selling 110,070 shares during the period. Van ECK Associates Corp’s holdings in Permian Resources were worth $22,161,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PR. Louisiana State Employees Retirement System raised its stake in shares of Permian Resources by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock valued at $2,540,000 after acquiring an additional 700 shares in the last quarter. Sunbelt Securities Inc. raised its position in shares of Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after purchasing an additional 800 shares during the period. Blue Trust Inc. lifted its stake in shares of Permian Resources by 28.6% in the fourth quarter. Blue Trust Inc. now owns 4,226 shares of the company’s stock worth $58,000 after buying an additional 939 shares during the last quarter. MADDEN SECURITIES Corp boosted its holdings in shares of Permian Resources by 1.5% during the 4th quarter. MADDEN SECURITIES Corp now owns 68,975 shares of the company’s stock worth $992,000 after buying an additional 1,000 shares during the period. Finally, Avior Wealth Management LLC grew its stake in Permian Resources by 0.9% in the 3rd quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock valued at $1,560,000 after buying an additional 1,007 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PR shares. Truist Financial upped their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. Morgan Stanley began coverage on Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective on the stock. Finally, Piper Sandler raised their target price on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Two 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, the company presently has an average rating of “Moderate Buy” and an average target price of $19.13.

Insider Activity at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Stock Performance

Shares of NYSE PR opened at $14.17 on Friday. The business has a fifty day simple moving average of $14.73 and a 200 day simple moving average of $14.48. 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 market capitalization of $11.38 billion, a price-to-earnings ratio of 8.59, a PEG ratio of 3.96 and a beta of 4.28. Permian Resources Co. has a one year low of $12.62 and a one year high of $18.28.

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.