Permian Resources Co. (NYSE:PR) Receives $18.80 Consensus PT from Brokerages

Permian Resources Co. (NYSE:PR - Get Free Report) has received an average rating of "Moderate Buy" from the fifteen brokerages that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $18.73.

PR has been the topic of several research analyst reports. Bank of America reduced their price objective 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. Citigroup lowered Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Piper Sandler cut their target price 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. Finally, Williams Trading set a $19.00 price target on shares of Permian Resources in a research report on Wednesday, March 5th.

Insider Buying and Selling

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at $822,525.36. This represents a 4.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total value of $58,058.50. Following the sale, the chief financial officer now owns 130,467 shares in the company, valued at $1,825,233.33. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,685 shares of company stock worth $135,687. 12.80% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

A number of large investors have recently added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Permian Resources by 0.5% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company's stock valued at $2,021,000 after acquiring an additional 662 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Permian Resources by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company's stock valued at $2,540,000 after purchasing an additional 700 shares in the last quarter. Sunbelt Securities Inc. boosted its holdings in Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock valued at $43,000 after acquiring an additional 800 shares during the period. CIBC Asset Management Inc grew its holdings in shares of Permian Resources by 5.4% in the fourth 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 last quarter. Finally, Principal Securities Inc. raised its stake in shares of Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after acquiring an additional 852 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

NYSE PR traded up $0.41 on Friday, hitting $11.91. 3,203,579 shares of the company's stock were exchanged, compared to its average volume of 9,130,220. The stock has a 50-day moving average of $13.14 and a 200-day moving average of $14.14. The stock has a market cap of $9.57 billion, a price-to-earnings ratio of 7.23, a P/E/G ratio of 4.05 and a beta of 3.81. Permian Resources has a 52 week low of $10.01 and a 52 week high of $17.67. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 5.04%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources's dividend payout ratio is currently 41.96%.

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.