Permian Resources Co. (NYSE:PR) Receives $19.35 Consensus PT from Analysts

Permian Resources Co. (NYSE:PR) has been given a consensus rating of “Moderate Buy” by the seventeen research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $19.35.

A number of research analysts recently issued reports on the company. Morgan Stanley assumed coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. Truist Financial boosted their price objective on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and boosted their price objective for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. JPMorgan Chase & Co. reduced 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. Finally, Piper Sandler reduced their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th.

Insider Buying and Selling

In related news, Director William J. Quinn acquired 500,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the transaction, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Atria Investments Inc bought a new stake in shares of Permian Resources during the third quarter worth approximately $417,000. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Permian Resources during the third quarter worth approximately $633,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Permian Resources during the third quarter worth approximately $556,000. KBC Group NV boosted its holdings in shares of Permian Resources by 34.7% during the third quarter. KBC Group NV now owns 15,597 shares of the company’s stock worth $212,000 after acquiring an additional 4,015 shares during the period. Finally, OneDigital Investment Advisors LLC bought a new stake in shares of Permian Resources during the third quarter worth approximately $161,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of PR opened at $13.79 on Wednesday. The firm has a market cap of $11.08 billion, a price-to-earnings ratio of 8.35, a PEG ratio of 4.05 and a beta of 4.30. The stock has a 50 day moving average of $14.30 and a 200-day moving average of $14.33. 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 has a 52 week low of $11.84 and a 52 week high of $18.28.

Permian Resources Announces Dividend

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

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.