Permian Resources (NYSE:PR) Price Target Lowered to $17.00 at Citigroup

Permian Resources (NYSE:PR - Free Report) had its price objective trimmed by Citigroup from $18.00 to $17.00 in a research note released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts also recently issued reports on the stock. Truist Financial upped their target price on shares of Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Piper Sandler upped their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Finally, Morgan Stanley assumed coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an "overweight" rating and a $19.00 target price on the stock. One analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $19.38.

Permian Resources Trading Down 0.8 %

Permian Resources stock traded down $0.10 during trading hours on Tuesday, reaching $12.46. 16,827,529 shares of the company's stock traded hands, compared to its average volume of 8,471,965. 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 has a fifty-two week low of $11.84 and a fifty-two week high of $18.28. The firm has a market capitalization of $10.01 billion, a price-to-earnings ratio of 7.55, a PEG ratio of 4.05 and a beta of 4.28. The firm's 50 day moving average is $14.63 and its 200-day moving average is $14.42.

Permian Resources Announces Dividend

The firm 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 of this dividend is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.82%. Permian Resources's payout ratio is 41.96%.

Insider Buying and Selling

In other news, CAO Robert Regan Shannon sold 2,731 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Charles Bell sold 2,804 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.03, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds have recently made changes to their positions in the business. Principal Securities Inc. boosted its holdings in shares of Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after buying an additional 852 shares during the last quarter. ORG Wealth Partners LLC acquired a new stake in shares of Permian Resources in the 4th quarter valued at approximately $31,000. Global Retirement Partners LLC boosted its holdings in shares of Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock valued at $36,000 after buying an additional 1,232 shares during the last quarter. Rakuten Securities Inc. boosted its holdings in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock valued at $36,000 after buying an additional 2,305 shares during the last quarter. Finally, RE Dickinson Investment Advisors LLC acquired a new stake in shares of Permian Resources in the 4th quarter valued at approximately $41,000. 91.84% of the stock is owned by 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.