Permian Resources (NYSE:PR) Upgraded at Susquehanna

Permian Resources (NYSE:PR) was upgraded by research analysts at Susquehanna from a “neutral” rating to a “positive” rating in a report issued on Wednesday, Marketbeat.com reports. The brokerage presently has a $20.00 price target on the stock, up from their prior price target of $17.00. Susquehanna’s price objective suggests a potential upside of 60.71% from the stock’s previous close.

Several other research firms also recently weighed in on PR. Morgan Stanley initiated coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price target for the company. Citigroup reduced their price target on shares of Permian Resources from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday. Piper Sandler upped their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Truist Financial upped their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $19.31.

Permian Resources Stock Up 0.1 %

PR opened at $12.45 on Wednesday. Permian Resources has a twelve month low of $11.84 and a twelve month high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a 50-day moving average price of $14.60 and a 200 day moving average price of $14.40. The company has a market cap of $10.00 billion, a PE ratio of 7.54, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30.

Insider Activity

In related news, Director William J. Quinn acquired 500,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,446 shares of company stock valued at $269,731 in the last 90 days. Company insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of hedge funds have recently added to or reduced their stakes in the business. Principal Securities Inc. raised its holdings in shares of Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after purchasing an additional 852 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Permian Resources in the 4th quarter valued at $31,000. Global Retirement Partners LLC grew its position in Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after purchasing an additional 1,232 shares during the last quarter. Rakuten Securities Inc. grew its position 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 purchasing an additional 2,305 shares during the last quarter. Finally, RE Dickinson Investment Advisors LLC purchased a new position in Permian Resources during the 4th quarter worth $41,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.