Permian Resources Co. (NYSE:PR) Receives $18.80 Average Price Target from Analysts

Permian Resources Co. (NYSE:PR) has received a consensus recommendation of “Moderate Buy” from the fifteen analysts that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $18.73.

PR has been the subject of several recent analyst reports. Morgan Stanley lowered their price target on Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Piper Sandler dropped their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Royal Bank of Canada decreased their price target on shares of Permian Resources from $18.00 to $16.00 and set an “outperform” rating for the company in a report on Monday, April 14th. Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Finally, Bank of America reduced their target price on Permian Resources from $19.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, April 1st.

Permian Resources Stock Up 4.7 %

Permian Resources stock opened at $12.04 on Friday. Permian Resources has a 1-year low of $10.01 and a 1-year high of $17.62. The business has a fifty day moving average price of $13.02 and a 200-day moving average price of $14.12. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market capitalization of $9.67 billion, a price-to-earnings ratio of 7.29, a PEG ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.99%. The ex-dividend date was Monday, March 17th. Permian Resources’s payout ratio is 41.96%.

Insider Transactions at Permian Resources

In other news, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.03, for a total transaction of $39,340.12. Following the transaction, the executive vice president now owns 74,433 shares in the company, valued at $1,044,294.99. The trade was a 3.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were 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 $822,525.36. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,685 shares of company stock valued at $135,687. Corporate insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently bought and sold shares of the company. Quantinno Capital Management LP purchased a new stake in shares of Permian Resources during the 3rd quarter valued at approximately $211,000. Wellington Management Group LLP increased its stake in Permian Resources by 188.0% during the third quarter. Wellington Management Group LLP now owns 42,404 shares of the company’s stock worth $577,000 after acquiring an additional 27,679 shares during the last quarter. National Bank of Canada FI purchased a new stake in Permian Resources in the third quarter valued at $45,000. MML Investors Services LLC acquired a new position in shares of Permian Resources in the 3rd quarter valued at $586,000. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of Permian Resources by 64.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 396,091 shares of the company’s stock worth $5,391,000 after purchasing an additional 155,131 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

About Permian Resources

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.