Permian Resources (NYSE:PR) Stock Price Up 4.8% – Still a Buy?

Permian Resources Co. (NYSE:PR) rose 4.8% during mid-day trading on Wednesday . The stock traded as high as $11.64 and last traded at $11.55. Approximately 7,114,728 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 9,620,009 shares. The stock had previously closed at $11.02.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PR shares. Truist Financial upped their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Morgan Stanley decreased their price objective on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and raised their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. lowered 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $18.73.

Permian Resources Stock Up 4.7 %

The firm has a market capitalization of $9.67 billion, a PE ratio of 7.29, a PEG ratio of 4.05 and a beta of 3.81. The business’s fifty day moving average price is $13.08 and its 200 day moving average price is $14.13. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.99%. The ex-dividend date was Monday, March 17th. Permian Resources’s dividend payout ratio is presently 41.96%.

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 that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William J. Quinn acquired 500,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average cost 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 $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 ninety days, insiders have sold 9,685 shares of company stock worth $135,687. 12.80% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in PR. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Permian Resources in the 4th quarter worth about $431,676,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock worth $469,856,000 after acquiring an additional 12,306,854 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Permian Resources by 55.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock valued at $169,864,000 after acquiring an additional 4,236,141 shares during the last quarter. Freestone Grove Partners LP acquired a new position in Permian Resources in the 4th quarter valued at about $57,114,000. Finally, Invesco Ltd. lifted its holdings in Permian Resources by 56.1% in the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company’s stock valued at $113,900,000 after purchasing an additional 2,845,449 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.