Piper Sandler Cuts Permian Resources (NYSE:PR) Price Target to $20.00

Permian Resources (NYSE:PR) had its price target decreased by Piper Sandler from $21.00 to $20.00 in a research note issued to investors on Thursday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other brokerages have also commented on PR. Truist Financial lifted their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Citigroup reduced their price target on Permian Resources from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and lifted their price target for the company from $17.00 to $20.00 in a research report on Wednesday. Finally, Morgan Stanley started coverage on Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $19.31.

Permian Resources Stock Up 1.9 %

PR stock opened at $12.68 on Thursday. The stock’s 50 day moving average is $14.58 and its 200-day moving average is $14.39. The firm has a market capitalization of $10.18 billion, a PE ratio of 7.68, a P/E/G ratio of 4.05 and a beta of 4.30. Permian Resources has a twelve month low of $11.84 and a twelve month 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.

Permian Resources Announces Dividend

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 paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

Insider Activity at Permian Resources

In related news, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value 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 position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now owns 134,617 shares in the company, valued at $2,059,640.10. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,446 shares of company stock worth $269,731 in the last 90 days. Company insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in 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 valued at $2,021,000 after acquiring an additional 662 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in Permian Resources by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock valued at $2,540,000 after acquiring an additional 700 shares in the last quarter. Sunbelt Securities Inc. lifted its position in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after acquiring an additional 800 shares in the last quarter. CIBC Asset Management Inc lifted 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 acquiring an additional 805 shares in the last quarter. Finally, Principal Securities Inc. lifted 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 acquiring an additional 852 shares in the last quarter. 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.