Envestnet Asset Management Inc. Cuts Stock Position in Permian Resources Corporation $PR

Envestnet Asset Management Inc. decreased its holdings in shares of Permian Resources Corporation (NYSE:PR) by 9.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 813,375 shares of the company’s stock after selling 84,712 shares during the period. Envestnet Asset Management Inc.’s holdings in Permian Resources were worth $10,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in PR. Hantz Financial Services Inc. increased its holdings in Permian Resources by 40.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 16,760 shares of the company’s stock worth $215,000 after acquiring an additional 4,821 shares in the last quarter. Ashton Thomas Private Wealth LLC raised its holdings in shares of Permian Resources by 5.5% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 24,440 shares of the company’s stock worth $313,000 after acquiring an additional 1,281 shares during the period. AGF Management Ltd. acquired a new position in Permian Resources in the 3rd quarter valued at about $2,430,000. UMB Bank n.a. raised its position in Permian Resources by 18.0% in the third quarter. UMB Bank n.a. now owns 8,203 shares of the company’s stock valued at $105,000 after purchasing an additional 1,250 shares during the period. Finally, Ruffer LLP acquired a new position in Permian Resources in the third quarter valued at about $2,608,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Wells Fargo & Company boosted their target price on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, January 27th. Wall Street Zen raised shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Bank of America reiterated a “neutral” rating and issued a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Finally, Morgan Stanley reduced their price target on Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.71.

Permian Resources Stock Up 4.0%

Shares of NYSE PR opened at $17.67 on Thursday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $17.74. The company has a market cap of $14.65 billion, a P/E ratio of 16.21 and a beta of 0.77. The stock has a fifty day moving average price of $15.01 and a 200 day moving average price of $13.98.

Insiders Place Their Bets

In related news, CEO William M. Hickey III sold 467,725 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the transaction, the chief executive officer owned 1,010,136 shares in the company, valued at $13,768,153.68. This trade represents a 31.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert Regan Shannon sold 106,405 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 360,667 shares of the company’s stock, valued at approximately $4,915,891.21. This represents a 22.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 2,210,456 shares of company stock valued at $30,231,728. 6.44% of the stock is owned by company insiders.

Permian Resources Company Profile

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.