Permian Resources (NYSE:PR) Trading 4.8% Higher - Time to Buy?

Permian Resources Co. (NYSE:PR - Get Free Report)'s stock price shot up 4.8% on Wednesday . The stock traded as high as $11.64 and last traded at $11.55. 7,114,728 shares were traded 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.

Analyst Ratings Changes

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

Permian Resources Stock Down 3.4 %

The firm's fifty day moving average price is $12.97 and its 200-day moving average price is $14.10. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market capitalization of $9.34 billion, a price-to-earnings ratio of 7.04, a P/E/G ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

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 5.16%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources's dividend payout ratio is currently 41.96%.

Insider Activity

In related news, CFO Guy M. Oliphint sold 4,150 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the transaction, the chief financial officer now owns 130,467 shares of the company's stock, valued at approximately $1,825,233.33. This trade represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the sale, the executive vice president now owns 74,433 shares in the company, valued at approximately $1,044,294.99. This represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,685 shares of company stock valued at $135,687 over the last three months. Corporate insiders own 12.80% of the company's stock.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in PR. Principal Securities Inc. grew its position in Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after purchasing an additional 852 shares during the period. ORG Wealth Partners LLC acquired a new stake in shares of Permian Resources in the fourth quarter valued at $31,000. Global Retirement Partners LLC boosted its position in Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock valued at $36,000 after buying an additional 1,232 shares during the period. Rakuten Securities Inc. grew its holdings in Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock worth $36,000 after acquiring an additional 2,305 shares in the last quarter. Finally, RE Dickinson Investment Advisors LLC purchased a new position in Permian Resources in the fourth quarter valued at approximately $41,000. 91.84% of the stock is currently owned by institutional investors.

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.