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

Shares of Permian Resources Co. (NYSE:PR) have been assigned an average recommendation of “Moderate Buy” from the fifteen ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $18.80.

A number of equities research analysts have issued reports on PR shares. 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 report on Thursday, March 6th. Morgan Stanley decreased their price target on Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Bank of America cut their price objective on Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Truist Financial raised their target price on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, JPMorgan Chase & Co. lowered their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $11.05 on Friday. Permian Resources has a 52 week low of $10.01 and a 52 week 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 business has a 50 day moving average price of $13.33 and a 200-day moving average price of $14.19. The company has a market cap of $8.87 billion, a PE ratio of 6.69, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 5.43%. Permian Resources’s payout ratio is currently 41.96%.

Insider Buying and Selling at Permian Resources

In other news, CAO Robert Regan Shannon sold 2,731 shares of the 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 sale, the chief accounting officer now owns 58,668 shares in the company, valued at $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Guy M. Oliphint sold 4,150 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the completion of the transaction, the chief financial officer now owns 130,467 shares of the company’s stock, valued at approximately $1,825,233.33. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,685 shares of company stock worth $135,687. 12.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Permian Resources by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock worth $944,487,000 after purchasing an additional 870,622 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $469,856,000 after purchasing an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources in the fourth quarter worth about $431,676,000. Massachusetts Financial Services Co. MA raised its stake in shares of Permian Resources by 1.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock worth $265,209,000 after buying an additional 291,444 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Permian Resources by 7.2% during the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company’s stock valued at $196,025,000 after buying an additional 909,740 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other 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.