Permian Resources (NYSE:PR) Upgraded at Susquehanna

Susquehanna upgraded shares of Permian Resources (NYSE:PR) from a neutral rating to a positive rating in a research report report published on Wednesday, MarketBeat.com reports. The brokerage currently has $20.00 target price on the stock, up from their prior target price of $17.00.

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

Permian Resources Trading Up 1.9 %

Shares of NYSE:PR opened at $12.68 on Wednesday. Permian Resources has a 52 week low of $11.84 and a 52 week high of $18.28. The company’s 50 day moving average is $14.60 and its two-hundred day moving average is $14.40. 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 company has a market cap 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.73%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio is currently 41.96%.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the transaction, the executive vice president now owns 74,433 shares in the company, valued at approximately $1,044,294.99. This represents a 3.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now 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 worth $269,731 in the last 90 days. Company insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of large investors have recently bought and sold shares of PR. Kingsview Wealth Management LLC purchased a new position in shares of Permian Resources in the 4th quarter valued at about $632,000. Wright Investors Service Inc. purchased a new position in shares of Permian Resources in the 4th quarter valued at about $498,000. Point72 Asset Management L.P. increased its holdings in shares of Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after purchasing an additional 2,023,742 shares in the last quarter. South Street Advisors LLC purchased a new position in shares of Permian Resources in the 3rd quarter valued at about $7,142,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Permian Resources in the 3rd quarter valued at about $556,000. 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.