Permian Resources (NASDAQ:PR) Shares Gap Down After Insider Selling

Permian Resources Co. (NASDAQ:PR – Get Rating) gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $11.91, but opened at $11.61. Permian Resources shares last traded at $11.97, with a volume of 1,577,024 shares traded.

Specifically, COO Matthew R. Garrison sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $12.00, for a total value of $480,000.00. Following the completion of the transaction, the chief operating officer now directly owns 1,062,985 shares of the company’s stock, valued at $12,755,820. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 29.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PR. Piper Sandler lowered their target price on shares of Permian Resources from $15.00 to $14.00 in a report on Thursday, December 1st. Susquehanna lifted their price target on shares of Permian Resources from $11.00 to $12.00 and gave the stock a “neutral” rating in a research note on Monday, February 27th. TD Cowen upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 target price on the stock in a research note on Wednesday. Cowen upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 target price on the stock in a report on Wednesday. Finally, Truist Financial upped their price target on shares of Permian Resources from $13.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, February 1st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.80.

Permian Resources Trading Down 0.4 %

The firm has a market cap of $6.62 billion, a P/E ratio of 7.37 and a beta of 4.54. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.72 and a current ratio of 0.77. The company’s fifty day moving average price is $10.08.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Tuesday, March 7th will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, March 6th. This represents a $0.20 annualized dividend and a yield of 1.69%. Permian Resources’s dividend payout ratio is currently 12.42%.

Hedge Funds Weigh In On Permian Resources

Several hedge funds have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. acquired a new position in Permian Resources in the 3rd quarter valued at $31,000. Strategic Asset Management LLC bought a new position in Permian Resources in the third quarter worth approximately $34,000. UMB Bank n.a. bought a new position in Permian Resources in the fourth quarter worth approximately $35,000. Neo Ivy Capital Management bought a new position in Permian Resources in the third quarter worth approximately $46,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Permian Resources in the third quarter worth approximately $64,000. Institutional investors own 88.44% of the company’s stock.

Permian Resources Company Profile

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Permian Resources Corp. operates as an oil and natural gas company. It focuses on the development of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. The company was founded on October 6, 2014 and is headquartered in Denver, CO.