Permian Resources Co. (NYSE:PR) Receives $18.80 Average Price Target from Brokerages

Shares of Permian Resources Co. (NYSE:PR - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the fifteen brokerages that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $18.73.

Several equities analysts have commented on PR shares. Citigroup lowered shares of Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Morgan Stanley dropped their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Bank of America decreased their target price on Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. Piper Sandler cut their price target on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th.

Permian Resources Price Performance

Shares of Permian Resources stock traded up $0.02 during trading on Friday, reaching $11.02. 8,351,952 shares of the stock traded hands, compared to its average volume of 9,620,683. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources has a 52-week low of $10.01 and a 52-week high of $18.06. The business has a fifty day simple moving average of $13.26 and a two-hundred day simple moving average of $14.18. The company has a market capitalization of $8.85 billion, a price-to-earnings ratio of 6.68, a P/E/G ratio of 4.05 and a beta of 3.81.

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Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 5.45%. The ex-dividend date was Monday, March 17th. Permian Resources's dividend payout ratio is currently 41.96%.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 2,804 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.03, for a total value of $39,340.12. Following the transaction, the executive vice president now directly owns 74,433 shares of the company's stock, valued at $1,044,294.99. This represents a 3.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 9,685 shares of company stock worth $135,687. 12.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. SG Americas Securities LLC raised its position in Permian Resources by 129.3% during the 1st quarter. SG Americas Securities LLC now owns 58,986 shares of the company's stock worth $817,000 after buying an additional 33,258 shares during the last quarter. MADDEN SECURITIES Corp lifted its position in Permian Resources by 1.9% during the first quarter. MADDEN SECURITIES Corp now owns 70,275 shares of the company's stock valued at $973,000 after purchasing an additional 1,300 shares during the period. Park Avenue Securities LLC boosted its holdings in Permian Resources by 55.0% in the first quarter. Park Avenue Securities LLC now owns 20,457 shares of the company's stock valued at $283,000 after purchasing an additional 7,262 shares during the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new stake in Permian Resources during the 1st quarter worth about $148,000. Finally, UMB Bank n.a. raised its stake in shares of Permian Resources by 37.2% during the 1st quarter. UMB Bank n.a. now owns 6,175 shares of the company's stock valued at $86,000 after buying an additional 1,675 shares during the last quarter. 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.