JPMorgan Chase & Co. Cuts Permian Resources (NYSE:PR) Price Target to $18.00

Permian Resources (NYSE:PR) had its price target trimmed by JPMorgan Chase & Co. from $21.00 to $18.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Williams Trading set a $19.00 price target on shares of Permian Resources in a research note on Wednesday, March 5th. Truist Financial upped their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and upped their price target for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. Morgan Stanley began coverage on shares of Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price target on the stock. Finally, Piper Sandler cut their price objective 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.35.

Permian Resources Price Performance

Permian Resources stock opened at $13.63 on Thursday. The company has a market cap of $10.95 billion, a price-to-earnings ratio of 8.26, a PEG ratio of 4.05 and a beta of 4.30. The firm’s fifty day moving average is $14.42 and its 200 day moving average is $14.34. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a 52-week low of $11.84 and a 52-week high of $18.28.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date is Monday, March 17th. Permian Resources’s payout ratio is presently 41.96%.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 2,804 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the sale, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at $1,044,294.99. This represents a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Quinn acquired 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the purchase, the director now owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 18,446 shares of company stock worth $269,731. Insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

A number of hedge funds have recently added to or reduced their stakes in PR. Atria Investments Inc purchased a new stake in Permian Resources in the third quarter worth about $417,000. Sigma Planning Corp lifted its stake in Permian Resources by 21.7% in the third quarter. Sigma Planning Corp now owns 22,221 shares of the company’s stock worth $302,000 after acquiring an additional 3,967 shares during the period. Nations Financial Group Inc. IA ADV purchased a new stake in Permian Resources in the third quarter worth about $220,000. GSA Capital Partners LLP purchased a new stake in Permian Resources in the third quarter worth about $1,134,000. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Permian Resources during the third quarter valued at about $633,000. 91.84% of the stock is owned by hedge funds and other 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.