Permian Resources (NYSE:PR) Price Target Lowered to $17.00 at Citigroup

Permian Resources (NYSE:PR) had its price objective cut by Citigroup from $18.00 to $17.00 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also weighed in on the stock. Morgan Stanley assumed coverage on shares of Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective on the stock. Piper Sandler increased their price target on 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 boosted their price objective on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.06.

Permian Resources Price Performance

Shares of NYSE PR opened at $12.57 on Tuesday. Permian Resources has a 52 week low of $12.28 and a 52 week high of $18.28. The business’s 50 day moving average price is $14.66 and its 200 day moving average price is $14.43. 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 firm has a market cap of $10.09 billion, a P/E ratio of 7.62, a P/E/G ratio of 4.05 and a beta of 4.28.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.78%. Permian Resources’s dividend payout ratio (DPR) is 41.96%.

Insider Transactions at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Large investors have recently bought and sold shares of the business. Principal Securities Inc. increased its stake 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 worth $29,000 after acquiring an additional 852 shares during the last quarter. ORG Wealth Partners LLC acquired a new stake in Permian Resources during the fourth quarter worth about $31,000. Global Retirement Partners LLC raised its stake in Permian Resources by 98.4% during the fourth 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 period. Rakuten Securities Inc. boosted its holdings in Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after purchasing an additional 2,305 shares during the last quarter. Finally, RE Dickinson Investment Advisors LLC purchased a new stake in shares of Permian Resources in the 4th quarter valued at approximately $41,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

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.