Permian Resources Co. (NYSE:PR) Receives $19.35 Consensus Target Price from Brokerages

Shares of Permian Resources Co. (NYSE:PR) have earned a consensus rating of “Moderate Buy” from the sixteen ratings firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $19.31.

A number of research analysts have recently issued reports on PR shares. Morgan Stanley started coverage on Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective on the stock. Piper Sandler reduced their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and raised their target price for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. Williams Trading set a $19.00 target price on Permian Resources in a research note on Wednesday, March 5th. Finally, Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th.

Insiders Place Their Bets

In other news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction that occurred on 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 transaction, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. This trade represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Quinn bought 500,000 shares of the stock in a transaction dated Monday, March 3rd. The shares were acquired at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the acquisition, the director now directly owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. The trade was a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 18,446 shares of company stock worth $269,731 over the last three months. Company insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several large investors have recently made changes to their positions in PR. Kingsview Wealth Management LLC purchased a new position in Permian Resources in the 4th quarter worth approximately $632,000. Wright Investors Service Inc. purchased a new position in Permian Resources in the 4th quarter worth approximately $498,000. Point72 Asset Management L.P. raised its holdings in Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after acquiring an additional 2,023,742 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Permian Resources by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock worth $62,407,000 after acquiring an additional 176,320 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in Permian Resources in the 3rd quarter worth approximately $556,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Down 1.3 %

Shares of NYSE:PR opened at $13.79 on Wednesday. The stock’s 50-day moving average price is $14.30 and its 200-day moving average price is $14.33. Permian Resources has a 12-month low of $11.84 and a 12-month high of $18.28. The stock has a market capitalization of $11.08 billion, a P/E ratio of 8.35, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.35%. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

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.