SCP Investment LP Has $1.20 Million Holdings in Permian Resources Corporation $PR

SCP Investment LP raised its stake in Permian Resources Corporation (NYSE:PR) by 225.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 93,600 shares of the company’s stock after buying an additional 64,800 shares during the quarter. Permian Resources accounts for about 1.0% of SCP Investment LP’s portfolio, making the stock its 21st largest position. SCP Investment LP’s holdings in Permian Resources were worth $1,198,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Permian Resources by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after acquiring an additional 6,705,644 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Permian Resources by 86.8% during the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock valued at $326,380,000 after purchasing an additional 11,133,354 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Permian Resources by 8.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after purchasing an additional 1,421,059 shares in the last quarter. American Century Companies Inc. raised its holdings in Permian Resources by 20.3% in the second quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock worth $150,409,000 after purchasing an additional 1,863,632 shares during the period. Finally, Boston Partners bought a new position in shares of Permian Resources during the second quarter worth $134,119,000. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. UBS Group upped their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Zacks Research lowered Permian Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 20th. TD Cowen upgraded Permian Resources to a “strong-buy” rating in a report on Monday, February 9th. Mizuho lifted their price objective on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Finally, Piper Sandler lowered their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, November 18th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.71.

Permian Resources Stock Down 1.7%

NYSE:PR opened at $16.99 on Wednesday. The stock has a 50-day simple moving average of $14.95 and a 200 day simple moving average of $13.96. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $17.47. The company has a market cap of $14.09 billion, a PE ratio of 15.59 and a beta of 0.77. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67.

Insider Activity at Permian Resources

In related news, CEO William M. Hickey III sold 467,725 shares of the firm’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $6,375,091.75. Following the completion of the transaction, the chief executive officer owned 1,010,136 shares of the company’s stock, valued at approximately $13,768,153.68. This trade represents a 31.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert Regan Shannon sold 106,405 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the completion of the sale, the executive vice president owned 360,667 shares in the company, valued at $4,915,891.21. The trade was a 22.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 2,210,456 shares of company stock worth $30,231,728. 12.80% of the stock is currently owned by corporate insiders.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.