Permian Resources Co. (NYSE:PR) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Permian Resources Co. (NYSE:PR) have earned an average recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $19.13.

Several research analysts have weighed in on the stock. Morgan Stanley assumed coverage on shares of Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. Piper Sandler lifted their price target on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, Truist Financial lifted their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th.

Insider Activity at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 12.80% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kingsview Wealth Management LLC bought a new stake in shares of Permian Resources during the 4th quarter worth about $632,000. Wright Investors Service Inc. bought a new stake in shares of Permian Resources during the 4th quarter worth about $498,000. Point72 Asset Management L.P. raised its position in shares of Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after buying an additional 2,023,742 shares in the last quarter. Tributary Capital Management LLC raised its position in shares of Permian Resources by 8,360.8% during the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock worth $699,000 after buying an additional 50,750 shares in the last quarter. Finally, South Street Advisors LLC bought a new stake in shares of Permian Resources during the 3rd quarter worth about $7,142,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Price Performance

Shares of PR stock opened at $14.03 on Friday. The firm has a market cap of $11.27 billion, a P/E ratio of 8.50, a P/E/G ratio of 4.04 and a beta of 4.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources has a 1-year low of $12.62 and a 1-year high of $18.28. The firm has a fifty day moving average of $14.68 and a two-hundred day moving average of $14.48.

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.