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

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

Other research analysts also recently issued research reports about the company. Truist Financial upped their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Morgan Stanley assumed coverage on Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 target price on the stock. Piper Sandler upped their target price on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Finally, Citigroup reduced their target price on Permian Resources from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Buy” and an average price target of $19.31.

Permian Resources Stock Up 0.1 %

Shares of NYSE:PR opened at $12.45 on Wednesday. Permian Resources has a 1 year low of $11.84 and a 1 year high of $18.28. The company has a market cap of $10.00 billion, a PE ratio of 7.54, a P/E/G ratio of 4.05 and a beta of 4.30. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock’s 50-day moving average is $14.60 and its 200 day moving average is $14.40.

Insiders Place Their Bets

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at $822,525.36. This trade represents 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 at this hyperlink. Also, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was 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 directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,446 shares of company stock valued at $269,731 over the last 90 days. Insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Principal Securities Inc. raised its stake in shares of Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in shares of Permian Resources during the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC raised its stake in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after acquiring an additional 1,232 shares in the last quarter. Rakuten Securities Inc. increased its holdings in Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after buying an additional 2,305 shares during the period. Finally, RE Dickinson Investment Advisors LLC purchased a new position in Permian Resources during the fourth quarter valued at approximately $41,000. 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.