Sumitomo Mitsui Trust Group Inc. Purchases 8,187 Shares of Permian Resources Co. (NYSE:PR)

Sumitomo Mitsui Trust Group Inc. grew its stake in Permian Resources Co. (NYSE:PR) by 17.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 54,688 shares of the company’s stock after purchasing an additional 8,187 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Permian Resources were worth $786,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Wright Investors Service Inc. acquired a new position in shares of Permian Resources in the 4th quarter valued at $498,000. Point72 Asset Management L.P. raised its stake 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 worth $74,811,000 after buying an additional 2,023,742 shares during the period. Tributary Capital Management LLC raised its stake in Permian Resources by 8,360.8% during the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock worth $699,000 after buying an additional 50,750 shares during the period. South Street Advisors LLC acquired a new stake in Permian Resources during the 3rd quarter worth $7,142,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Permian Resources during the 3rd quarter worth $556,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Down 0.3 %

Shares of PR opened at $14.17 on Friday. Permian Resources Co. has a one year low of $12.62 and a one year high of $18.28. The company has a market cap of $11.38 billion, a P/E ratio of 8.59, a P/E/G ratio of 3.96 and a beta of 4.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a 50 day simple moving average of $14.73 and a two-hundred day simple moving average of $14.48.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction 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 sale, the chief financial officer now owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 12.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PR shares. Truist Financial raised their price objective 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 lifted their price target 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 Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price target on the stock. Two investment 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 company currently has a consensus rating of “Moderate Buy” and an average target price of $19.13.

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.