Permian Resources (NYSE:PR) Trading 4.8% Higher - Here's What Happened

Permian Resources Co. (NYSE:PR - Get Free Report) traded up 4.8% during mid-day trading on Wednesday . The stock traded as high as $11.64 and last traded at $11.55. 7,114,728 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 9,620,009 shares. The stock had previously closed at $11.02.

Wall Street Analyst Weigh In

PR has been the topic of several research analyst reports. Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and boosted their target price for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. Morgan Stanley cut their price target on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. JPMorgan Chase & Co. reduced their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Bank of America dropped their price target on Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. Finally, Royal Bank of Canada reduced their price target on shares of Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.73.

Permian Resources Stock Performance

The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $9.67 billion, a price-to-earnings ratio of 7.29, a P/E/G ratio of 4.05 and a beta of 3.81. The firm's 50-day moving average is $13.02 and its two-hundred day moving average is $14.12.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.99%. Permian Resources's dividend payout ratio (DPR) is presently 41.96%.

Insider Activity at Permian Resources

In related news, CAO Robert Regan Shannon sold 2,731 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was 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 in the company, 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 SEC, which is available through this link. Also, Director William J. Quinn acquired 500,000 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the purchase, the director now owns 812,429 shares of the company's stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 9,685 shares of company stock valued at $135,687. 12.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently modified their holdings of PR. Vanguard Group Inc. raised its position 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 buying an additional 870,622 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position 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 purchasing an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources in the 4th quarter valued at approximately $431,676,000. Massachusetts Financial Services Co. MA boosted its holdings in Permian Resources by 1.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after purchasing an additional 291,444 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Permian Resources by 7.2% during the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock worth $196,025,000 after purchasing an additional 909,740 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

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.