Permian Resources (NYSE:PR) Price Target Cut to $19.00 by Analysts at Morgan Stanley

Permian Resources (NYSE:PR) had its target price cut by equities research analysts at Morgan Stanley from $21.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 36.10% from the stock’s current price.

PR has been the subject of several other research reports. Piper Sandler decreased their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and boosted their price objective for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. Williams Trading set a $19.00 price objective on Permian Resources in a research report on Wednesday, March 5th. Truist Financial lifted their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and an average price target of $19.31.

Permian Resources Trading Down 1.1 %

Shares of Permian Resources stock traded down $0.15 during trading on Thursday, hitting $13.96. The stock had a trading volume of 3,190,855 shares, compared to its average volume of 8,455,806. Permian Resources has a 12 month low of $11.84 and a 12 month high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The firm’s fifty day simple moving average is $14.22 and its 200-day simple moving average is $14.35. The stock has a market cap of $11.22 billion, a PE ratio of 8.46, a PEG ratio of 4.05 and a beta of 4.30.

Insider Buying and Selling

In other news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,446 shares of company stock valued at $269,731 over the last 90 days. Corporate insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Permian Resources by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock worth $944,487,000 after buying an additional 870,622 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock worth $469,856,000 after acquiring an additional 12,306,854 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Permian Resources during the fourth quarter worth about $431,676,000. State Street Corp increased its holdings in shares of Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock valued at $299,790,000 after acquiring an additional 1,263,460 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Permian Resources by 1.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock valued at $265,209,000 after purchasing an additional 291,444 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other 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.