Brokerages Set Permian Resources Co. (NYSE:PR) PT at $19.13

Shares of Permian Resources Co. (NYSE:PR) have been given an average recommendation of “Moderate Buy” by the seventeen research firms that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $19.13.

PR has been the topic of several research reports. Piper Sandler lifted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Truist Financial lifted their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Finally, Morgan Stanley initiated coverage on Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company.

Insider Transactions at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction 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 completion of the sale, the chief financial officer now owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock worth $944,487,000 after purchasing an additional 870,622 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in 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 worth $469,856,000 after buying an additional 12,306,854 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Permian Resources in the 4th quarter worth $431,676,000. State Street Corp raised its position in shares of Permian Resources by 6.1% during the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company’s stock valued at $299,790,000 after buying an additional 1,263,460 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Permian Resources by 1.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock worth $265,209,000 after acquiring an additional 291,444 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Up 2.2 %

NYSE PR opened at $13.97 on Friday. The business’s fifty day moving average is $14.68 and its 200-day moving average is $14.47. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market capitalization of $11.22 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 4.05 and a beta of 4.28. Permian Resources has a one year low of $12.62 and a one year 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 given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.30%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio is presently 36.36%.

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.