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

Permian Resources (NYSE:PR) had its target price decreased by analysts at Bank of America from $19.00 to $17.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target points to a potential upside of 19.63% from the company’s previous close.

A number of other analysts have also commented on PR. Truist Financial lifted their price target on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Morgan Stanley reduced their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and raised their price target for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of 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 given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.13.

Permian Resources Stock Up 3.0 %

Shares of PR opened at $14.21 on Tuesday. The stock has a market capitalization of $11.42 billion, a price-to-earnings ratio of 8.61, a PEG 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 company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a fifty day moving average of $14.03 and a 200-day moving average of $14.37.

Insider Buying and Selling

In other Permian Resources news, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources 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 completion of the sale, the chief financial officer now directly owns 130,467 shares of the company’s stock, valued at approximately $1,825,233.33. The trade was a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William J. Quinn acquired 500,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 18,446 shares of company stock valued at $269,731 over the last 90 days. Company insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Permian Resources by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock valued at $944,487,000 after acquiring an additional 870,622 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $469,856,000 after purchasing an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Permian Resources during the 4th quarter valued at $431,676,000. State Street Corp raised its holdings in Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after buying an additional 1,263,460 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Permian Resources by 1.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock valued at $265,209,000 after buying an additional 291,444 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

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.