Permian Resources (NYSE:PR) Price Target Cut to $17.00 by Analysts at Bank of America

Permian Resources (NYSE:PR) had its target price lowered by Bank of America from $19.00 to $17.00 in a report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also weighed in on PR. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and increased their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their target price on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Williams Trading set a $19.00 target price on shares of Permian Resources in a research report on Wednesday, March 5th. Finally, Piper Sandler cut their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.13.

Permian Resources Stock Down 0.4 %

NYSE:PR opened at $13.80 on Tuesday. 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 50 day moving average of $14.06 and a 200-day moving average of $14.37. The firm has a market capitalization of $11.08 billion, a PE ratio of 8.36, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. Permian Resources has a 52 week low of $11.84 and a 52 week high of $18.28.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date was Monday, March 17th. Permian Resources’s payout ratio is currently 41.96%.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.03, for a total value of $39,340.12. Following the transaction, the executive vice president now owns 74,433 shares of the company’s stock, valued at approximately $1,044,294.99. This trade represents a 3.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. In the last three months, insiders sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Principal Securities Inc. lifted its stake in 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 in the last quarter. ORG Wealth Partners LLC acquired a new position in shares of Permian Resources in the 4th quarter valued at about $31,000. Global Retirement Partners LLC lifted its position in shares of Permian Resources by 98.4% in 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 in the last quarter. Rakuten Securities Inc. boosted its holdings in shares of Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after purchasing 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. 91.84% of the stock is 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.