Holocene Advisors LP Sells 2,818,626 Shares of Permian Resources Co. (NYSE:PR)

Holocene Advisors LP reported a significant reduction in its holdings of Permian Resources Co. (NYSE: PR) during the third quarter, cutting its stake by 40.1%. According to the company's recent filing with the Securities and Exchange Commission, the firm sold 2,818,626 shares, leaving it with 4,205,240 shares by the end of the quarter. This represented approximately 0.52% of the company's total shares, valued at $57.23 million.

Other institutional investors have also adjusted their positions in the company. Hexagon Capital Partners LLC notably increased its holdings by 28,542.9% during the third quarter, now owning 2,005 shares worth $27,000 after adding 1,998 shares. Innealta Capital LLC acquired a new position in the second quarter, valued at $30,000. UMB Bank n.a. nearly doubled its stake in Permian Resources during the third quarter, increasing its holdings by 99.2% to 2,791 shares worth $38,000. Similarly, Gilliland Jeter Wealth Management LLC established a new stake valued at $40,000 during the second quarter. Blue Trust Inc. boosted its holdings by 399.5% in the third quarter, now owning 3,287 shares worth $45,000 after adding 2,629 shares. Overall, institutional investors hold 91.84% of the company's shares.

Several analysts have recently weighed in on the company. Truist Financial increased its target price for Permian Resources from $18.00 to $20.00 and maintained a "buy" rating in a recent report. On October 14, Royal Bank of Canada reiterated its "outperform" rating and set a price target of $17.00. Mizuho revised its price target from $22.00 to $19.00 on September 16, retaining an "outperform" rating. Citigroup also lowered its target price from $20.00 to $18.00 in August, maintaining a "buy" rating. Additionally, Piper Sandler raised its target price to $21.00 in November, assigning the company an "overweight" rating. In total, two analysts gave the stock a hold rating, thirteen issued a buy rating, and one labeled it a strong buy, resulting in a consensus rating of "Moderate Buy" with an average target price of $18.93.