Permian Resources (NYSE:PR) Trading 4.8% Higher – Time to Buy?

Permian Resources Co. (NYSE:PR)’s stock price shot up 4.8% on Wednesday . The company traded as high as $11.64 and last traded at $11.55. 7,114,728 shares changed hands during trading, a decline of 26% from the average session volume of 9,620,009 shares. The stock had previously closed at $11.02.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PR shares. Williams Trading set a $19.00 price objective on shares of Permian Resources in a research note on Wednesday, March 5th. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and upped their price objective for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. Royal Bank of Canada cut their target price on Permian Resources from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Monday. Morgan Stanley cut their price objective on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Finally, Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.73.

Permian Resources Price Performance

The company has a market cap of $9.26 billion, a price-to-earnings ratio of 6.98, a PEG ratio of 4.05 and a beta of 3.81. The company’s 50 day moving average price is $13.20 and its 200-day moving average price is $14.16. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.21%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s payout ratio is 41.96%.

Insider Activity

In other news, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at $822,525.36. This trade represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Guy M. Oliphint sold 4,150 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the transaction, the chief financial officer now directly owns 130,467 shares in the company, valued at $1,825,233.33. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,685 shares of company stock valued at $135,687 over the last three months. Insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Quantinno Capital Management LP purchased a new position in shares of Permian Resources during the 3rd quarter valued at $211,000. Wellington Management Group LLP increased its position in Permian Resources by 188.0% in the 3rd quarter. Wellington Management Group LLP now owns 42,404 shares of the company’s stock worth $577,000 after purchasing an additional 27,679 shares during the last quarter. National Bank of Canada FI purchased a new stake in shares of Permian Resources during the 3rd quarter worth about $45,000. MML Investors Services LLC purchased a new stake in shares of Permian Resources during the 3rd quarter worth about $586,000. Finally, M&T Bank Corp bought a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $455,000. Institutional investors and hedge funds 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.