Permian Resources (NYSE:PR) Given New $19.00 Price Target at Morgan Stanley

Permian Resources (NYSE:PR) had its price target decreased by Morgan Stanley from $21.00 to $19.00 in a research note issued to investors on Thursday morning,Benzinga reports. Morgan Stanley 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. Piper Sandler cut their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Williams Trading set a $19.00 price objective on shares of Permian Resources in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

Permian Resources Price Performance

PR opened at $13.94 on Thursday. The firm’s fifty day moving average price is $14.18 and its two-hundred day moving average price is $14.34. The company has a market capitalization of $11.20 billion, a price-to-earnings ratio of 8.45, 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. Permian Resources has a 1 year low of $11.84 and a 1 year high of $18.28.

Permian Resources Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.30%. Permian Resources’s payout ratio is 41.96%.

Insiders Place Their Bets

In other news, Director William J. Quinn bought 500,000 shares of the stock in a transaction on Monday, March 3rd. The shares were acquired at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This trade represents a 160.04 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Guy M. Oliphint sold 4,150 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total transaction of $58,058.50. Following the completion of the transaction, the chief financial officer now directly owns 130,467 shares of the company’s stock, valued at approximately $1,825,233.33. The trade was a 3.08 % decrease in their ownership of the stock. 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 quarter. 12.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently added to or reduced their stakes in the business. Principal Securities Inc. lifted its holdings in shares of Permian Resources by 73.6% during 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 during the last quarter. ORG Wealth Partners LLC purchased a new stake in Permian Resources during the fourth quarter valued at about $31,000. Global Retirement Partners LLC lifted its stake in Permian Resources by 98.4% during 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 during the last quarter. Rakuten Securities Inc. boosted its holdings in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after purchasing an additional 2,305 shares in the last quarter. Finally, RE Dickinson Investment Advisors LLC bought a new position in shares of Permian Resources during the 4th quarter valued at about $41,000. 91.84% of the stock is currently owned by institutional investors.

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.