Royal Bank of Canada Has Lowered Expectations for Permian Resources (NYSE:PR) Stock Price

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

Other equities research analysts have also recently issued research reports about the company. Susquehanna raised Permian Resources from a "neutral" rating to a "positive" rating and upped their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Piper Sandler decreased their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. cut their target price 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 price target on Permian Resources in a research report on Wednesday, March 5th. Finally, Truist Financial increased their target price on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.73.

Permian Resources Stock Up 4.7 %

Shares of PR traded up $0.54 during mid-day trading on Monday, hitting $12.04. 13,331,521 shares of the company's stock were exchanged, 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 firm has a fifty day moving average of $13.02 and a two-hundred day moving average of $14.12. The stock has a market cap of $9.67 billion, a price-to-earnings ratio of 7.29, a P/E/G ratio of 4.05 and a beta of 3.81.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was 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 directly owns 74,433 shares of the company's stock, valued at approximately $1,044,294.99. The trade was a 3.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was purchased at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 9,685 shares of company stock valued at $135,687 in the last ninety days. 12.80% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

Several hedge funds have recently added to or reduced their stakes in the stock. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Permian Resources in the 4th quarter worth about $431,676,000. Price T Rowe Associates Inc. MD raised its position 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 valued at $469,856,000 after buying an additional 12,306,854 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Permian Resources by 55.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock worth $169,864,000 after purchasing an additional 4,236,141 shares in the last quarter. Freestone Grove Partners LP bought a new position in Permian Resources during the fourth quarter valued at approximately $57,114,000. Finally, Invesco Ltd. raised its stake in shares of Permian Resources by 56.1% during the fourth quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock worth $113,900,000 after acquiring an additional 2,845,449 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.