JPMorgan Chase & Co. Issues Pessimistic Forecast for Permian Resources (NYSE:PR) Stock Price

Permian Resources (NYSE:PR) had its price target decreased by research analysts at JPMorgan Chase & Co. from $21.00 to $18.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 32.11% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Truist Financial boosted their target price on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and boosted their target price for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. Piper Sandler lowered their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Finally, Morgan Stanley started coverage on shares of Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.35.

Permian Resources Trading Up 5.4 %

Shares of NYSE PR opened at $13.63 on Thursday. 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 $10.95 billion, a PE ratio of 8.26, a P/E/G ratio of 4.05 and a beta of 4.30. 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 50-day moving average of $14.42 and a two-hundred day moving average of $14.34.

Insider Buying and Selling at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the acquisition, the director now directly owns 812,429 shares of the company’s stock, valued at $10,618,447.03. The trade was a 160.04 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 18,446 shares of company stock valued at $269,731. Corporate insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

A number of large investors have recently added to or reduced their stakes in PR. Atria Investments Inc acquired a new stake in shares of Permian Resources during the 3rd quarter worth about $417,000. Sigma Planning Corp increased its holdings in Permian Resources by 21.7% in the 3rd quarter. Sigma Planning Corp now owns 22,221 shares of the company’s stock valued at $302,000 after buying an additional 3,967 shares during the period. Nations Financial Group Inc. IA ADV bought a new position in Permian Resources in the 3rd quarter valued at about $220,000. GSA Capital Partners LLP acquired a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $1,134,000. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $633,000. Institutional investors and hedge funds 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.