Permian Resources (NASDAQ:PR) Shares Gap Up After Analyst Upgrade

Permian Resources Co. (NASDAQ:PR - Get Free Report) shares gapped up prior to trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $18.00 to $20.00. The stock had previously closed at $17.81, but opened at $18.24. JPMorgan Chase & Co. currently has an overweight rating on the stock. Permian Resources shares last traded at $17.94, with a volume of 2,608,873 shares changing hands.

PR has been the topic of a number of other research reports. Citigroup boosted their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Friday, March 1st. Piper Sandler boosted their target price on shares of Permian Resources from $17.00 to $22.00 and gave the stock an "overweight" rating in a report on Thursday, March 7th. Truist Financial lowered their target price on shares of Permian Resources from $24.00 to $22.00 and set a "buy" rating on the stock in a report on Friday, April 5th. Raymond James began coverage on shares of Permian Resources in a report on Tuesday. They set a "strong-buy" rating and a $24.00 target price on the stock. Finally, Benchmark upped their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a report on Tuesday, March 5th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Permian Resources has an average rating of "Moderate Buy" and a consensus price target of $18.62.

Insider Buying and Selling

In other news, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $15.71, for a total value of $283,987,297.79. Following the completion of the transaction, the director now owns 71,056,620 shares of the company's stock, valued at $1,116,299,500.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $15.71, for a total value of $283,987,297.79. Following the completion of the transaction, the director now owns 71,056,620 shares of the company's stock, valued at $1,116,299,500.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Brent P. Jensen sold 1,853 shares of the company's stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the transaction, the chief accounting officer now directly owns 1,047,610 shares of the company's stock, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 over the last quarter. 23.14% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PR. Parallel Advisors LLC raised its holdings in Permian Resources by 117.0% during the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company's stock worth $30,000 after purchasing an additional 1,178 shares during the last quarter. Rise Advisors LLC bought a new position in Permian Resources during the 1st quarter worth approximately $32,000. DekaBank Deutsche Girozentrale bought a new position in Permian Resources during the 4th quarter worth approximately $33,000. Quarry LP bought a new position in Permian Resources during the 1st quarter worth approximately $33,000. Finally, GAMMA Investing LLC bought a new position in Permian Resources during the 4th quarter worth approximately $43,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Stock Down 0.4 %

The firm's 50 day moving average price is $15.96 and its two-hundred day moving average price is $14.42. The company has a market cap of $13.69 billion, a P/E ratio of 15.28 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52.

Permian Resources (NASDAQ:PR - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. Equities research analysts anticipate that Permian Resources Co. will post 1.69 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend was Tuesday, March 12th. Permian Resources's payout ratio is currently 17.24%.

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.