Permian Resources Corporation (NYSE:PR) Given Consensus Rating of “Moderate Buy” by Brokerages

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

PR has been the subject of a number of recent analyst reports. UBS Group upped their price target on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Zacks Research lowered shares of Permian Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Benchmark reissued a “buy” rating on shares of Permian Resources in a research report on Monday, February 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Permian Resources in a research note on Monday, December 29th. Finally, Wall Street Zen raised shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th.

Permian Resources Trading Up 2.4%

Permian Resources stock opened at $17.27 on Friday. Permian Resources has a 52 week low of $10.01 and a 52 week high of $17.38. The firm has a market capitalization of $14.32 billion, a PE ratio of 15.84 and a beta of 0.77. The business’s 50-day simple moving average is $14.86 and its 200-day simple moving average is $13.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 106,399 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the sale, the executive vice president directly owned 376,442 shares in the company, valued at $5,130,904.46. This represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Robert Regan Shannon sold 106,405 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the completion of the transaction, the executive vice president owned 360,667 shares of the company’s stock, valued at $4,915,891.21. The trade was a 22.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 2,210,456 shares of company stock worth $30,231,728. 6.44% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Permian Resources

A number of hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC lifted its stake in shares of Permian Resources by 114.1% in the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after acquiring an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Permian Resources by 154.4% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after purchasing an additional 1,391 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Permian Resources in the 2nd quarter worth approximately $36,000. Los Angeles Capital Management LLC bought a new stake in shares of Permian Resources in the 4th quarter valued at $39,000. Finally, Parkside Financial Bank & Trust increased its position in shares of Permian Resources by 90.8% during the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after buying an additional 1,357 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Company Profile

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.