Permian Resources (NYSE:PR) Upgraded by Susquehanna to “Positive” Rating

Susquehanna upgraded shares of Permian Resources (NYSE:PR) from a neutral rating to a positive rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. Susquehanna currently has $20.00 price target on the stock, up from their previous price target of $17.00.

Other analysts have also recently issued research reports about the stock. Truist Financial raised 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. Morgan Stanley started coverage on shares of Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price for the company. Piper Sandler raised their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Citigroup reduced their target price on shares of Permian Resources from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources has an average rating of “Buy” and an average price target of $19.38.

Permian Resources Stock Down 0.8 %

PR stock opened at $12.46 on Wednesday. Permian Resources has a one year low of $11.84 and a one year high of $18.28. The stock has a market capitalization of $10.01 billion, a PE ratio of 7.55, a price-to-earnings-growth ratio of 4.05 and a beta of 4.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a fifty day moving average of $14.63 and a 200-day moving average of $14.42.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.82%. Permian Resources’s dividend payout ratio is presently 41.96%.

Insider Buying and Selling

In related news, Director William J. Quinn bought 500,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Guy M. Oliphint sold 8,761 shares of the firm’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 transaction of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares in the company, 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. Over the last three months, insiders have sold 18,446 shares of company stock valued at $269,731. Insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several hedge funds have recently modified their holdings of the stock. Kingsview Wealth Management LLC acquired a new position in Permian Resources during the fourth quarter valued at approximately $632,000. Wright Investors Service Inc. acquired a new position in Permian Resources during the fourth quarter valued at approximately $498,000. Point72 Asset Management L.P. lifted its position in Permian Resources by 58.3% during the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after buying an additional 2,023,742 shares in the last quarter. South Street Advisors LLC acquired a new position in Permian Resources during the third quarter valued at approximately $7,142,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in Permian Resources during the third quarter valued at approximately $556,000. 91.84% of the stock is owned by institutional investors and hedge funds.

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.