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

Permian Resources Co. (NYSE:PR) has earned an average rating of “Moderate Buy” from the sixteen brokerages that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $19.31.

Several equities analysts have recently weighed in on the company. Morgan Stanley started coverage on Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and raised their target price for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Finally, Truist Financial boosted their price objective on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th.

Insider Activity

In related news, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William J. Quinn acquired 500,000 shares of the firm’s stock in a transaction 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 acquisition, 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. In the last 90 days, insiders have sold 18,446 shares of company stock worth $269,731. 12.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

A number of large investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its holdings in shares of Permian Resources by 1,435.0% during the fourth quarter. Wellington Management Group LLP now owns 650,900 shares of the company’s stock valued at $9,360,000 after acquiring an additional 608,496 shares during the period. California State Teachers Retirement System grew its position in Permian Resources by 12.5% in the 4th quarter. California State Teachers Retirement System now owns 562,494 shares of the company’s stock worth $8,089,000 after purchasing an additional 62,339 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $89,000. Forum Financial Management LP raised its holdings in shares of Permian Resources by 39.1% during the fourth quarter. Forum Financial Management LP now owns 20,280 shares of the company’s stock valued at $292,000 after buying an additional 5,705 shares during the last quarter. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Permian Resources during the fourth quarter worth approximately $2,782,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $14.26 on Wednesday. The business’s fifty day moving average price is $14.25 and its 200 day moving average price is $14.35. Permian Resources has a twelve month low of $11.84 and a twelve month high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $11.46 billion, a P/E ratio of 8.64, a PEG ratio of 4.05 and a beta of 4.30.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.21%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio is currently 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.