Permian Resources (NYSE:PR) Price Target Lowered to $16.00 at Royal Bank of Canada

Permian Resources (NYSE:PR) had its target price cut by equities research analysts at Royal Bank of Canada from $18.00 to $16.00 in a report released on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 42.86% from the company’s previous close.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. lowered their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Williams Trading set a $19.00 price objective on shares of Permian Resources in a research report on Wednesday, March 5th. 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 report on Thursday, March 6th. Finally, Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and increased their price target for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.73.

Permian Resources Trading Up 1.4 %

Shares of Permian Resources stock traded up $0.16 during trading on Monday, hitting $11.20. The company’s stock had a trading volume of 1,505,815 shares, compared to its average volume of 9,599,065. The stock has a market cap of $9.00 billion, a price-to-earnings ratio of 6.79, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources has a 52 week low of $10.01 and a 52 week high of $18.06. The stock has a 50-day moving average price of $13.33 and a two-hundred day moving average price of $14.20.

Insider Transactions at Permian Resources

In related news, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction on 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 owns 58,668 shares in the company, valued at approximately $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William J. Quinn purchased 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now directly owns 812,429 shares in the company, valued at $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 a total of 9,685 shares of company stock valued at $135,687 over the last three months. Corporate insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several institutional investors have recently made changes to their positions in PR. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Permian Resources during the fourth quarter worth about $431,676,000. Price T Rowe Associates Inc. MD increased its position in shares of Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $469,856,000 after acquiring an additional 12,306,854 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Permian Resources by 55.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock worth $169,864,000 after acquiring an additional 4,236,141 shares during the period. Freestone Grove Partners LP purchased a new position in Permian Resources in the fourth quarter worth $57,114,000. Finally, Invesco Ltd. grew its stake in Permian Resources by 56.1% in the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company’s stock valued at $113,900,000 after purchasing an additional 2,845,449 shares during the period. Institutional investors own 91.84% of the company’s stock.

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.