Permian Resources (NYSE:PR) Upgraded by Susquehanna to "Positive" Rating

Susquehanna upgraded shares of Permian Resources (NYSE:PR - Free Report) from a neutral rating to a positive rating in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. They currently have $20.00 price objective on the stock, up from their prior price objective of $17.00.

PR has been the subject of several other reports. Piper Sandler boosted 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. Truist Financial boosted their target price on shares of Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Morgan Stanley initiated coverage on shares of Permian Resources in a report on Friday, January 10th. They issued an "overweight" rating and a $19.00 target price on the stock. Finally, Citigroup decreased their price target on shares of Permian Resources from $18.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $19.31.

Permian Resources Stock Up 1.9 %

Permian Resources stock traded up $0.24 during trading hours on Wednesday, hitting $12.68. The stock had a trading volume of 9,332,894 shares, compared to its average volume of 8,506,802. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $10.18 billion, a P/E ratio of 7.68, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. Permian Resources has a 12-month low of $11.84 and a 12-month high of $18.28. The stock's 50-day moving average price is $14.58 and its 200-day moving average price is $14.39.

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Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources's payout ratio is presently 41.96%.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the stock in a transaction dated Monday, March 3rd. The shares were 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 in the company, valued at $1,044,294.99. This represents a 3.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Quinn bought 500,000 shares of the company's stock in a transaction on Monday, March 3rd. The shares were acquired at an average price 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 represents 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 have sold 18,446 shares of company stock worth $269,731. Insiders own 12.80% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Permian Resources by 1.3% during the 4th 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 in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Permian Resources by 60.4% during 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 stake in shares of Permian Resources during the fourth quarter valued at about $431,676,000. State Street Corp lifted its position in shares of Permian Resources by 6.1% during 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 lifted its position 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 valued at $265,209,000 after buying an additional 291,444 shares during the last quarter. 91.84% of the stock is currently owned by 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.