Bank of America Cuts Permian Resources (NYSE:PR) Price Target to $17.00

by · The Markets Daily

Permian Resources (NYSE:PR – Free Report) had its price target cut by Bank of America from $19.00 to $17.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms also recently weighed in on PR. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and lifted their target price for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Morgan Stanley dropped their price objective on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Williams Trading set a $19.00 target price on shares of Permian Resources in a report on Wednesday, March 5th. Piper Sandler dropped their price target on shares of 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, JPMorgan Chase & Co. reduced their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

Check Out Our Latest Report on Permian Resources

Permian Resources Trading Down 13.6 %

Shares of NYSE PR opened at $12.26 on Tuesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $9.85 billion, a PE ratio of 7.43, a PEG ratio of 4.05 and a beta of 4.30. Permian Resources has a twelve month low of $11.84 and a twelve month high of $18.28. The stock has a fifty day simple moving average of $13.96 and a 200-day simple moving average of $14.36.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.90%. Permian Resources’s payout ratio is currently 41.96%.

Insider Transactions at Permian Resources

In other news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Charles Bell sold 2,804 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at approximately $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,685 shares of company stock worth $135,687. 12.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently modified their holdings of the business. First Hawaiian Bank grew its position in Permian Resources by 6.0% during the 1st quarter. First Hawaiian Bank now owns 102,172 shares of the company’s stock worth $1,415,000 after purchasing an additional 5,744 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Permian Resources by 1,435.0% during the fourth quarter. Wellington Management Group LLP now owns 650,900 shares of the company’s stock worth $9,360,000 after buying an additional 608,496 shares during the period. California State Teachers Retirement System boosted its stake in shares of Permian Resources by 12.5% during the fourth quarter. California State Teachers Retirement System now owns 562,494 shares of the company’s stock worth $8,089,000 after buying an additional 62,339 shares during the period. Ameriflex Group Inc. purchased a new position in shares of Permian Resources during the fourth quarter worth about $89,000. Finally, Forum Financial Management LP increased its position in Permian Resources by 39.1% in the 4th quarter. Forum Financial Management LP now owns 20,280 shares of the company’s stock valued at $292,000 after acquiring an additional 5,705 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

About Permian Resources

(Get Free Report)

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.

See Also