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

Permian Resources (NYSE:PR) had its price objective cut by investment analysts at Royal Bank of Canada from $18.00 to $16.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 45.26% from the stock’s current price.

Several other research firms have also recently issued reports on PR. Piper Sandler decreased their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Morgan Stanley lowered their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. JPMorgan Chase & Co. cut their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Bank of America decreased their price objective on Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. Finally, Williams Trading set a $19.00 target price on Permian Resources in a research note 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 data from MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $18.73.

Permian Resources Price Performance

PR stock opened at $11.02 on Monday. The stock’s 50 day moving average price is $13.20 and its 200 day moving average price is $14.16. The firm has a market cap of $8.85 billion, a P/E ratio of 6.68, a PEG ratio of 4.05 and a beta of 3.81. 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 has a 1 year low of $10.01 and a 1 year high of $17.84.

Insider Buying and Selling at Permian Resources

In other news, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction dated 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 directly owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Guy M. Oliphint sold 4,150 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the transaction, the chief financial officer now owns 130,467 shares in the company, valued at approximately $1,825,233.33. This trade represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,685 shares of company stock valued at $135,687 over the last 90 days. 12.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in PR. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Permian Resources in the fourth quarter valued at $431,676,000. Price T Rowe Associates Inc. MD raised its stake in shares of 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 in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Permian Resources by 55.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock valued at $169,864,000 after purchasing an additional 4,236,141 shares in the last quarter. Freestone Grove Partners LP bought a new position in shares of Permian Resources during the fourth quarter worth about $57,114,000. Finally, Invesco Ltd. grew its stake in Permian Resources by 56.1% in the fourth quarter. Invesco Ltd. now owns 7,920,750 shares of the company’s stock worth $113,900,000 after purchasing an additional 2,845,449 shares in the last quarter. 91.84% of the stock is currently 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.