Permian Resources (NYSE:PR) Given New $16.00 Price Target at Royal Bank of Canada

Permian Resources (NYSE:PR) had its price target trimmed by Royal Bank of Canada from $18.00 to $16.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms have also issued reports on PR. Piper Sandler decreased their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. JPMorgan Chase & Co. cut their target price on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and boosted their price target for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. Finally, Williams Trading set a $19.00 price objective on shares of Permian Resources in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and an average price target of $18.73.

Permian Resources Stock Down 0.3 %

NYSE:PR opened at $11.01 on Monday. The stock’s fifty day simple moving average is $13.26 and its 200-day simple moving average is $14.18. The firm has a market capitalization of $8.85 billion, a P/E ratio of 6.67, a P/E/G ratio of 4.05 and a beta of 3.81. 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 12-month low of $10.01 and a 12-month high of $18.06.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is currently 41.96%.

Insiders Place Their Bets

In other news, CFO Guy M. Oliphint sold 4,150 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the sale, the chief financial officer now owns 130,467 shares in the company, valued at $1,825,233.33. This represents a 3.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director William J. Quinn bought 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 completion of the purchase, the director now directly owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 9,685 shares of company stock valued at $135,687 in the last three months. 12.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently modified their holdings of the company. Quantinno Capital Management LP bought a new stake in Permian Resources in the third quarter valued at approximately $211,000. Wellington Management Group LLP raised its stake in Permian Resources by 188.0% in the 3rd quarter. Wellington Management Group LLP now owns 42,404 shares of the company’s stock valued at $577,000 after acquiring an additional 27,679 shares during the period. National Bank of Canada FI acquired a new stake in Permian Resources during the 3rd quarter valued at $45,000. MML Investors Services LLC bought a new position in Permian Resources during the third quarter worth $586,000. Finally, M&T Bank Corp acquired a new position in shares of Permian Resources in the third quarter valued at $455,000. 91.84% of the stock is owned by 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.