Allianz Asset Management GmbH Sells 41,913 Shares of Permian Resources Corporation $PR

Allianz Asset Management GmbH cut its stake in Permian Resources Corporation (NYSE:PR) by 45.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,688 shares of the company’s stock after selling 41,913 shares during the period. Allianz Asset Management GmbH’s holdings in Permian Resources were worth $636,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. AQR Capital Management LLC grew its position in shares of Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after buying an additional 61,230 shares during the period. Goldman Sachs Group Inc. boosted its stake in Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $75,512,000 after purchasing an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Permian Resources by 7.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock worth $16,751,000 after buying an additional 87,105 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Permian Resources by 141.8% in the second quarter. IFP Advisors Inc now owns 4,890 shares of the company’s stock valued at $69,000 after purchasing an additional 2,868 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in Permian Resources by 26.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 58,798 shares of the company’s stock worth $802,000 after buying an additional 12,225 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Performance

PR stock opened at $17.27 on Friday. The stock has a 50-day moving average price of $14.86 and a 200-day moving average price of $13.91. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $17.38. The firm has a market cap of $14.32 billion, a PE ratio of 15.84 and a beta of 0.77. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PR. The Goldman Sachs Group lifted their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Wells Fargo & Company raised their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, January 27th. UBS Group increased their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Morgan Stanley reduced their price objective on Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.71.

Insider Activity at Permian Resources

In related news, CEO James H. Walter sold 467,700 shares of the stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the transaction, the chief executive officer directly owned 1,010,138 shares of the company’s stock, valued at $13,768,180.94. This represents a 31.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William M. Hickey III sold 467,725 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer owned 1,010,136 shares of the company’s stock, valued at approximately $13,768,153.68. This represents a 31.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,210,456 shares of company stock worth $30,231,728 over the last ninety days. 6.44% of the stock is owned by corporate 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.