Royal Bank of Canada Lowers Permian Resources (NYSE:PR) Price Target to $16.00

Permian Resources (NYSE:PR) had its target price decreased by Royal Bank of Canada from $18.00 to $16.00 in a research report report published on Monday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other brokerages have also issued reports on PR. Truist Financial increased their target price on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Bank of America dropped their target price on shares of Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and upped their price target for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Piper Sandler reduced their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Finally, Morgan Stanley decreased their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.73.

Permian Resources Stock Performance

NYSE PR opened at $11.52 on Monday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a twelve month low of $10.01 and a twelve month high of $17.84. The stock has a 50-day moving average of $13.14 and a 200 day moving average of $14.14. The stock has a market capitalization of $9.26 billion, a price-to-earnings ratio of 6.98, a PEG ratio of 4.05 and a beta of 3.81.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 5.21%. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the sale, the executive vice president now directly owns 74,433 shares in the company, valued at $1,044,294.99. This represents a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm’s 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 completion of the transaction, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,685 shares of company stock worth $135,687 over the last ninety days. Corporate insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of hedge funds have recently added to or reduced their stakes in PR. Kingsview Wealth Management LLC purchased a new stake in shares of Permian Resources during the fourth quarter worth $632,000. Wright Investors Service Inc. purchased a new stake in Permian Resources during the 4th quarter worth about $498,000. Charles Schwab Investment Management Inc. raised its position in Permian Resources by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock valued at $62,407,000 after purchasing an additional 176,320 shares in the last quarter. New York State Teachers Retirement System raised its position in Permian Resources by 36.9% in the 4th quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock valued at $3,881,000 after purchasing an additional 72,726 shares in the last quarter. Finally, Perpetual Ltd purchased a new position in shares of Permian Resources in the 4th quarter valued at about $27,104,000. 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.