Citigroup Cuts Permian Resources (NYSE:PR) Price Target to $17.00

Permian Resources (NYSE:PR) had its price objective cut by Citigroup from $18.00 to $17.00 in a research note published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

PR has been the topic of several other research reports. Truist Financial boosted their target price on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Piper Sandler boosted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Morgan Stanley started coverage on shares of Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price for the company. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Permian Resources has an average rating of “Buy” and a consensus target price of $19.31.

Permian Resources Stock Performance

PR opened at $12.45 on Tuesday. The company has a market capitalization of $10.00 billion, a price-to-earnings ratio of 7.54, a P/E/G ratio of 4.05 and a beta of 4.30. The business’s 50-day moving average price is $14.60 and its two-hundred day moving average price is $14.40. Permian Resources has a 1 year low of $11.84 and a 1 year 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.

Permian Resources Announces Dividend

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

Insider Activity

In related news, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. This represents a 4.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Quinn acquired 500,000 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were bought at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now directly 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 disclosure for this purchase can be found here. Insiders sold a total of 18,446 shares of company stock valued at $269,731 over the last three months. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Principal Securities Inc. increased its position in Permian Resources by 73.6% during the fourth 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 period. ORG Wealth Partners LLC acquired a new position in shares of Permian Resources during the 4th quarter worth approximately $31,000. Global Retirement Partners LLC increased its holdings in shares of 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 period. Rakuten Securities Inc. raised its position in shares of Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after buying an additional 2,305 shares in the last quarter. Finally, RE Dickinson Investment Advisors LLC bought a new stake in shares of Permian Resources in the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.