Permian Resources (NYSE:PR) Price Target Cut to $18.00 by Analysts at JPMorgan Chase & Co.

Permian Resources (NYSE:PR - Get Free Report) had its price objective reduced by stock analysts at JPMorgan Chase & Co. from $21.00 to $18.00 in a report released on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 39.65% from the stock's current price.

Several other research firms have also recently weighed in on PR. Truist Financial boosted their price target on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Piper Sandler lowered their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Williams Trading set a $19.00 price objective on Permian Resources in a research report on Wednesday, March 5th. Morgan Stanley assumed coverage on Permian Resources in a research report on Friday, January 10th. They set an "overweight" rating and a $19.00 price objective on the stock. Finally, Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and upped their price objective for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.35.

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Permian Resources Stock Down 3.2 %

Shares of PR traded down $0.43 on Thursday, reaching $12.89. The stock had a trading volume of 4,121,982 shares, compared to its average volume of 8,665,518. The firm has a market capitalization of $10.36 billion, a price-to-earnings ratio of 7.81, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. 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 simple moving average of $14.49 and a 200-day simple moving average of $14.36. Permian Resources has a 12-month low of $11.84 and a 12-month high of $18.28.

Insider Buying and Selling

In other news, Director William J. Quinn acquired 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This 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 hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,446 shares of company stock worth $269,731 in the last 90 days. Insiders own 12.80% of the company's stock.

Hedge Funds Weigh In On Permian Resources

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Permian Resources by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock worth $944,487,000 after acquiring an additional 870,622 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after buying an additional 12,306,854 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Permian Resources in the fourth quarter valued at $431,676,000. State Street Corp increased its holdings in Permian Resources by 6.1% in the third quarter. State Street Corp now owns 22,027,153 shares of the company's stock valued at $299,790,000 after buying an additional 1,263,460 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 1.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock worth $265,209,000 after purchasing an additional 291,444 shares during the last quarter. Institutional investors and hedge funds 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.

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