Permian Resources Co. (NYSE:PR) Given Average Rating of “Moderate Buy” by Analysts

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

PR has been the subject of a number of recent research reports. Truist Financial increased their price objective on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. JPMorgan Chase & Co. lowered their price objective on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Morgan Stanley initiated coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and lifted their target price for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. Finally, Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th.

Permian Resources Price Performance

Shares of NYSE:PR opened at $14.26 on Wednesday. Permian Resources has a one year low of $11.84 and a one year high of $18.28. The stock has a market capitalization of $11.46 billion, a price-to-earnings ratio of 8.64, a PEG ratio of 4.05 and a beta of 4.30. The company has a 50-day simple moving average of $14.25 and a 200-day simple moving average of $14.35. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is 41.96%.

Insider Transactions at Permian Resources

In related news, Director William J. Quinn acquired 500,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This trade represents a 160.04 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the sale, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,446 shares of company stock valued at $269,731 in the last 90 days. 12.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently modified their holdings of the company. Kingsview Wealth Management LLC acquired a new position in Permian Resources in the 4th quarter valued at $632,000. Wright Investors Service Inc. purchased a new position in Permian Resources during the fourth quarter worth about $498,000. Point72 Asset Management L.P. boosted its stake in Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after buying an additional 2,023,742 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Permian Resources by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock valued at $62,407,000 after buying an additional 176,320 shares during the period. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Permian Resources during the 3rd quarter valued at about $556,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.