Permian Resources (NYSE:PR) Price Target Lowered to $16.00 at Royal Bank of Canada

Permian Resources (NYSE:PR - Get Free Report) had its target price reduced by research analysts at Royal Bank of Canada from $18.00 to $16.00 in a research report issued on Monday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank of Canada's price target would suggest a potential upside of 32.95% from the company's previous close.

Several other equities analysts have also recently weighed in on the company. Truist Financial raised their price objective on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Piper Sandler dropped their price target on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. JPMorgan Chase & Co. reduced their price objective on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Williams Trading set a $19.00 target price on shares of Permian Resources in a research report on Wednesday, March 5th. Finally, Morgan Stanley cut their target price on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of "Moderate Buy" and an average target price of $18.73.

Permian Resources Trading Up 4.7 %

PR traded up $0.54 during trading on Monday, hitting $12.04. The company's stock had a trading volume of 13,331,521 shares, compared to its average volume of 9,686,800. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a twelve month low of $10.01 and a twelve month high of $17.62. The stock's fifty day moving average price is $13.02 and its 200-day moving average price is $14.12. The firm has a market capitalization of $9.67 billion, a P/E ratio of 7.29, a PEG ratio of 4.05 and a beta of 3.81.

Insider Activity

In other Permian Resources news, CFO Guy M. Oliphint sold 4,150 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the transaction, the chief financial officer now directly owns 130,467 shares in the company, valued at $1,825,233.33. This trade represents a 3.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William J. Quinn acquired 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, with a total value 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 $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 9,685 shares of company stock valued at $135,687 in the last ninety days. Insiders own 12.80% of the company's stock.

Institutional Trading of Permian Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock valued at $944,487,000 after purchasing an additional 870,622 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock worth $469,856,000 after acquiring an additional 12,306,854 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources during the fourth quarter valued at approximately $431,676,000. Massachusetts Financial Services Co. MA grew its holdings in Permian Resources by 1.6% in 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. Finally, Bank of New York Mellon Corp increased its position in shares of Permian Resources by 7.2% during the fourth 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 in the last quarter. 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.