Permian Resources (NYSE:PR) Raised to “Positive” at Susquehanna

Susquehanna upgraded shares of Permian Resources (NYSE:PR) from a neutral rating to a positive rating in a research report sent to investors on Wednesday morning, Marketbeat reports. They currently have $20.00 price objective on the stock, up from their prior price objective of $17.00.

A number of other research firms have also recently commented on PR. Piper Sandler boosted their target price 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. Morgan Stanley assumed coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 target price on the stock. Citigroup reduced their target price on shares of Permian Resources from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Truist Financial lifted their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. One analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $19.38.

Permian Resources Trading Down 0.8 %

NYSE PR opened at $12.46 on Wednesday. The company’s fifty day simple moving average is $14.63 and its 200-day simple moving average is $14.42. Permian Resources has a 52 week low of $11.84 and a 52 week high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $10.01 billion, a P/E ratio of 7.55, a PEG ratio of 4.05 and a beta of 4.28.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid 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 4.82%. Permian Resources’s payout ratio is 41.96%.

Insider Buying and Selling at Permian Resources

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

Institutional Trading of Permian Resources

A number of large investors have recently modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Permian Resources by 0.5% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock worth $2,021,000 after acquiring an additional 662 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of Permian Resources by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock worth $2,540,000 after acquiring an additional 700 shares during the period. Sunbelt Securities Inc. increased its holdings in shares of Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after acquiring an additional 800 shares during the period. CIBC Asset Management Inc grew its position in Permian Resources by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock valued at $226,000 after buying an additional 805 shares in the last quarter. Finally, Principal Securities Inc. grew its position in 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 buying an additional 852 shares in the last quarter. Institutional investors and hedge funds 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.