Permian Resources (NYSE:PR) Price Target Lowered to $17.00 at Bank of America

Permian Resources (NYSE:PR - Free Report) had its target price decreased by Bank of America from $19.00 to $17.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the company. Citigroup lowered Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. Susquehanna raised shares of Permian Resources from a "neutral" rating to a "positive" rating and increased their target price for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. JPMorgan Chase & Co. decreased 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. Morgan Stanley cut their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Finally, Piper Sandler lowered their price target on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. One analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Permian Resources presently has an average rating of "Moderate Buy" and an average target price of $19.13.

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Permian Resources Price Performance

Shares of NYSE PR traded down $1.53 during trading hours on Tuesday, hitting $10.74. 20,220,853 shares of the stock were exchanged, compared to its average volume of 9,504,974. The company's fifty day simple moving average is $13.87 and its two-hundred day simple moving average is $14.34. The company has a market cap of $8.63 billion, a PE ratio of 6.51, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. 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 1-year low of $10.62 and a 1-year high of $18.28.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 5.59%. Permian Resources's payout ratio is 41.96%.

Insider Transactions at Permian Resources

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of the stock in a transaction on Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the acquisition, the director now owns 812,429 shares in the company, valued at $10,618,447.03. This trade represents a 160.04 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at $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. In the last 90 days, insiders have sold 9,685 shares of company stock worth $135,687. Company insiders own 12.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Principal Securities Inc. increased its stake in Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after purchasing an additional 852 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in Permian Resources in the 4th quarter valued at about $31,000. Global Retirement Partners LLC increased its position in 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 in the last quarter. Rakuten Securities Inc. raised its stake in Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock worth $36,000 after buying an additional 2,305 shares during the period. Finally, RE Dickinson Investment Advisors LLC bought a new position in Permian Resources in the fourth quarter worth approximately $41,000. Institutional investors and hedge funds own 91.84% of the company's stock.

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.