Piper Sandler Has Lowered Expectations for Permian Resources (NYSE:PR) Stock Price

Permian Resources (NYSE:PR - Get Free Report) had its target price reduced by research analysts at Piper Sandler from $21.00 to $20.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's price objective suggests a potential upside of 62.14% from the company's current price.

Several other brokerages have also recently issued reports on PR. Morgan Stanley initiated coverage on Permian Resources in a research note on Friday, January 10th. They issued an "overweight" rating and a $19.00 price target for the company. Truist Financial raised their price target on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Susquehanna raised shares of Permian Resources from a "neutral" rating to a "positive" rating and upped their price objective for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Finally, Citigroup decreased their target price on shares of Permian Resources from $18.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $19.29.

Permian Resources Stock Performance

Shares of PR stock traded down $0.34 on Thursday, hitting $12.34. The company's stock had a trading volume of 13,281,292 shares, compared to its average volume of 8,612,911. Permian Resources has a fifty-two week low of $11.84 and a fifty-two week high of $18.28. 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 stock's 50 day moving average is $14.58 and its 200-day moving average is $14.39. The company has a market capitalization of $9.91 billion, a PE ratio of 7.48, a PEG ratio of 4.05 and a beta of 4.30.

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Insider Buying and Selling

In other 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 owns 74,433 shares of the company's stock, valued at $1,044,294.99. This represents a 3.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares of the company's stock, valued at $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,446 shares of company stock valued at $269,731 over the last 90 days. 12.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Permian Resources by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company's stock worth $2,021,000 after purchasing an additional 662 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in Permian Resources by 0.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company's stock valued at $2,540,000 after acquiring an additional 700 shares during the last quarter. Sunbelt Securities Inc. increased its stake in shares of Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock worth $43,000 after purchasing an additional 800 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Permian Resources by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 15,703 shares of the company's stock worth $226,000 after purchasing an additional 805 shares during the period. Finally, Principal Securities Inc. lifted 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 during the last quarter. Hedge funds and other institutional investors 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.