Analysts Set Permian Resources Co. (NYSE:PR) Price Target at $19.35

Permian Resources Co. (NYSE:PR - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the sixteen research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $19.31.

Several research firms recently weighed in on PR. Susquehanna upgraded shares of Permian Resources from a "neutral" rating to a "positive" rating and upped their price target for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price target on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Morgan Stanley assumed coverage on shares of Permian Resources in a report on Friday, January 10th. They issued an "overweight" rating and a $19.00 price objective for the company. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Finally, Williams Trading set a $19.00 price objective on shares of Permian Resources in a report on Wednesday, March 5th.

Permian Resources Price Performance

Shares of PR traded down $0.19 during mid-day trading on Wednesday, hitting $13.79. 10,209,679 shares of the company were exchanged, compared to its average volume of 9,228,594. Permian Resources has a 1-year low of $11.84 and a 1-year high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a 50 day moving average of $14.30 and a 200-day moving average of $14.33. The stock has a market cap of $11.08 billion, a price-to-earnings ratio of 8.35, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30.

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Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors 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 annualized dividend and a yield of 4.35%. Permian Resources's payout ratio is 41.96%.

Insider Buying and Selling

In other Permian Resources news, Director William J. Quinn purchased 500,000 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was bought at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the acquisition, the director now directly owns 812,429 shares of the company's stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the business's 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 directly owns 134,617 shares of the company's stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,446 shares of company stock valued at $269,731 in the last three months. 12.80% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Kingsview Wealth Management LLC purchased a new stake in shares of Permian Resources in the 4th quarter valued at about $632,000. Wright Investors Service Inc. purchased a new stake in shares of Permian Resources in the 4th quarter valued at about $498,000. Point72 Asset Management L.P. raised its stake in Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock valued at $74,811,000 after acquiring an additional 2,023,742 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Permian Resources by 4.2% during 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 acquiring an additional 176,320 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Permian Resources during the 3rd quarter valued at approximately $556,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.