Morgan Stanley Has Lowered Expectations for Permian Resources (NYSE:PR) Stock Price

Permian Resources (NYSE:PR - Free Report) had its price objective reduced by Morgan Stanley from $21.00 to $19.00 in a report issued on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages have also commented on PR. Citigroup lowered shares of Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Piper Sandler decreased their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. Williams Trading set a $19.00 price objective on shares of Permian Resources in a research note on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price target on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Finally, Truist Financial lifted their price objective on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.31.

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Permian Resources Stock Up 0.7 %

Shares of Permian Resources stock traded up $0.09 during trading on Thursday, reaching $13.84. The company's stock had a trading volume of 8,174,927 shares, compared to its average volume of 9,440,432. Permian Resources has a 1-year low of $11.84 and a 1-year high of $18.28. The company has a 50-day simple moving average of $14.14 and a two-hundred day simple moving average of $14.37. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market cap of $11.12 billion, a price-to-earnings ratio of 8.39, a P/E/G ratio of 4.05 and a beta of 4.30.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.33%. Permian Resources's dividend payout ratio is currently 41.96%.

Insider Activity at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now owns 134,617 shares in the company, 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Charles Bell sold 2,804 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the sale, the executive vice president now owns 74,433 shares of the company's stock, valued at $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Permian Resources by 1,435.0% in 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 in the last quarter. California State Teachers Retirement System raised 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 valued at $8,089,000 after purchasing an additional 62,339 shares in the last quarter. Ameriflex Group Inc. purchased a new position in shares of Permian Resources in the 4th quarter valued at about $89,000. Forum Financial Management LP grew its position 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 worth $292,000 after buying an additional 5,705 shares in the last quarter. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Permian Resources during the fourth quarter worth approximately $2,782,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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.