Citigroup Issues Pessimistic Forecast for Permian Resources (NYSE:PR) Stock Price

Permian Resources (NYSE:PR) had its price target reduced by Citigroup from $18.00 to $17.00 in a research note released on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

PR has been the topic of a number of other reports. Piper Sandler raised their price target on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Truist Financial raised their target price 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. Finally, Morgan Stanley assumed coverage on shares of Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price target for the company. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Permian Resources has an average rating of “Buy” and a consensus price target of $19.31.

Permian Resources Price Performance

Shares of PR stock opened at $12.45 on Tuesday. Permian Resources has a twelve month low of $11.84 and a twelve month high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $14.60 and a 200 day simple moving average of $14.40. The company has a market cap of $10.00 billion, a P/E ratio of 7.54, a P/E/G ratio of 4.05 and a beta of 4.30.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.82%. 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, Director William J. Quinn bought 500,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the purchase, the director now directly owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This trade represents a 160.04 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Charles Bell sold 2,804 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the transaction, the executive vice president now directly owns 74,433 shares in the company, valued at approximately $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,446 shares of company stock valued at $269,731 over the last quarter. Insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently bought and sold shares of PR. Principal Securities Inc. raised its holdings in shares of Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after purchasing an additional 852 shares during the period. ORG Wealth Partners LLC acquired a new position in Permian Resources during the 4th quarter worth approximately $31,000. Global Retirement Partners LLC raised its stake in Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after buying an additional 1,232 shares during the period. Rakuten Securities Inc. boosted its holdings in Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after acquiring an additional 2,305 shares in the last quarter. Finally, RE Dickinson Investment Advisors LLC acquired a new stake in Permian Resources in the fourth quarter valued at approximately $41,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.