JPMorgan Chase & Co. Cuts Permian Resources (NYSE:PR) Price Target to $18.00

Permian Resources (NYSE:PR) had its target price decreased by JPMorgan Chase & Co. from $21.00 to $18.00 in a research note issued to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other analysts have also weighed in on the stock. Truist Financial raised their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and raised their price objective for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. Piper Sandler reduced their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Morgan Stanley began coverage on shares of Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. Finally, Williams Trading set a $19.00 price objective on shares of Permian Resources in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $19.35.

Permian Resources Trading Up 5.4 %

Shares of NYSE PR opened at $13.63 on Thursday. Permian Resources has a 1 year low of $11.84 and a 1 year high of $18.28. The stock has a market cap of $10.95 billion, a P/E ratio of 8.26, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. The firm has a 50-day moving average of $14.42 and a 200 day moving average of $14.34. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.40%. Permian Resources’s dividend payout ratio (DPR) is 41.96%.

Insider Activity at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at $822,525.36. The trade was a 4.45 % decrease in their ownership of the stock. 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 8,761 shares of Permian Resources stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,446 shares of company stock worth $269,731. 12.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Several large investors have recently added to or reduced their stakes in PR. Atria Investments Inc purchased a new position in shares of Permian Resources in the third quarter worth $417,000. Sigma Planning Corp lifted its holdings in shares of Permian Resources by 21.7% in the third quarter. Sigma Planning Corp now owns 22,221 shares of the company’s stock worth $302,000 after buying an additional 3,967 shares in the last quarter. Nations Financial Group Inc. IA ADV purchased a new position in shares of Permian Resources in the third quarter worth $220,000. GSA Capital Partners LLP purchased a new position in shares of Permian Resources in the third quarter worth $1,134,000. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of Permian Resources in the third quarter worth $633,000. Hedge funds and other 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.