Permian Resources Corporation (NYSE:PR) Receives $18.71 Average Target Price from Analysts

Permian Resources Corporation (NYSE:PR) has received an average recommendation of “Moderate Buy” from the eighteen research firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation, twelve have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $18.7143.

Several analysts recently commented on PR shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Permian Resources in a research note on Monday, December 29th. Wells Fargo & Company lifted their price objective on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, January 27th. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. UBS Group increased their target price on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, Mizuho lifted their price target on shares of Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th.

Permian Resources Stock Up 1.8%

Shares of PR opened at $17.16 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average price of $14.77 and a two-hundred day moving average price of $13.88. The stock has a market cap of $14.23 billion, a price-to-earnings ratio of 15.74 and a beta of 0.77. Permian Resources has a 12 month low of $10.01 and a 12 month high of $17.30.

Insiders Place Their Bets

In related news, CEO James H. Walter sold 467,700 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the sale, the chief executive officer directly owned 1,010,138 shares in the company, valued at $13,768,180.94. This represents a 31.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William M. Hickey III sold 467,725 shares of the firm’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $6,375,091.75. Following the sale, the chief executive officer directly owned 1,010,136 shares of the company’s stock, valued at $13,768,153.68. This represents a 31.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 2,210,456 shares of company stock worth $30,231,728 over the last ninety days. 6.44% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its position in Permian Resources by 115.5% in the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after acquiring an additional 13,483,136 shares in the last quarter. Boston Partners bought a new stake in shares of Permian Resources during the second quarter valued at approximately $134,119,000. Vanguard Group Inc. increased its holdings in shares of Permian Resources by 10.4% in the third quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after purchasing an additional 6,705,644 shares in the last quarter. Millennium Management LLC raised its position in Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after purchasing an additional 6,678,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after buying an additional 4,691,280 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.