Permian Resources (NYSE:PR) Price Target Lowered to $17.00 at Bank of America

Permian Resources (NYSE:PR) had its target price reduced by equities researchers at Bank of America from $19.00 to $17.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 24.63% from the company’s current price.

PR has been the subject of several other research reports. Morgan Stanley cut their price objective on Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Williams Trading set a $19.00 price target on shares of Permian Resources in a research note on Wednesday, March 5th. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and raised their price objective for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Truist Financial upped their target price on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, JPMorgan Chase & Co. reduced their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and an average price target of $19.13.

Permian Resources Price Performance

NYSE:PR traded down $0.21 during trading hours on Tuesday, hitting $13.64. 659,935 shares of the company’s stock traded hands, compared to its average volume of 9,406,046. The firm has a market cap of $10.96 billion, a P/E ratio of 8.27, a P/E/G ratio of 4.05 and a beta of 4.30. Permian Resources has a 52 week low of $11.84 and a 52 week high of $18.28. The business’s fifty day simple moving average is $14.10 and its two-hundred day simple moving average is $14.37. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Insider Activity

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at approximately $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,446 shares of company stock valued at $269,731. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Permian Resources by 0.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock worth $2,021,000 after acquiring an additional 662 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of Permian Resources by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock valued at $2,540,000 after purchasing an additional 700 shares in the last quarter. Sunbelt Securities Inc. grew its stake in Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after purchasing an additional 800 shares during the period. CIBC Asset Management Inc grew its stake in Permian Resources by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock worth $226,000 after purchasing an additional 805 shares during the period. Finally, Principal Securities Inc. raised its holdings in Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Company 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.