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

Permian Resources (NYSE:PR) had its price objective lowered by Morgan Stanley from $21.00 to $19.00 in a report published on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other research analysts also recently issued reports about the company. Truist Financial upped their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating 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. Finally, Piper Sandler decreased their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.31.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $13.73 on Thursday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a 52 week low of $11.84 and a 52 week high of $18.28. The stock’s 50-day simple moving average is $14.14 and its 200-day simple moving average is $14.36. The company has a market capitalization of $11.03 billion, a price-to-earnings ratio of 8.32, a PEG ratio of 4.05 and a beta of 4.30.

Permian Resources Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 4.37%. Permian Resources’s dividend payout ratio is presently 41.96%.

Insiders Place Their Bets

In other Permian Resources news, Director William J. Quinn purchased 500,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, 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 Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Charles Bell sold 2,804 shares of the company’s stock in a transaction 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 $1,044,294.99. This trade represents a 3.63 % 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 three months. 12.80% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Permian Resources by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock valued at $944,487,000 after buying an additional 870,622 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $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 in the fourth quarter valued at approximately $431,676,000. State Street Corp grew its stake in Permian Resources by 6.1% in the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after purchasing an additional 1,263,460 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Permian Resources by 1.6% during 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 in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.