Permian Resources (NASDAQ:PR) Price Target Raised to $17.00 at Benchmark

Permian Resources (NASDAQ:PRFree Report) had its target price boosted by Benchmark from $16.00 to $17.00 in a research report report published on Tuesday morning, Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other research analysts have also weighed in on the stock. Stifel Nicolaus decreased their price target on shares of Permian Resources from $20.00 to $18.00 and set a buy rating on the stock in a research note on Thursday, November 30th. Truist Financial raised their price target on shares of Permian Resources from $23.00 to $24.00 and gave the company a buy rating in a research note on Friday, March 1st. Wells Fargo & Company raised their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company an overweight rating in a research note on Tuesday. Piper Sandler dropped their target price on shares of Permian Resources from $19.00 to $17.00 and set an overweight rating for the company in a report on Wednesday, January 24th. Finally, Citigroup lifted their target price on shares of Permian Resources from $17.00 to $19.00 and gave the company a buy rating in a report on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Permian Resources has an average rating of Moderate Buy and a consensus target price of $18.00.

Check Out Our Latest Stock Report on PR

Permian Resources Price Performance

NASDAQ:PR opened at $15.96 on Tuesday. Permian Resources has a 52 week low of $8.94 and a 52 week high of $16.31. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $12.35 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.29 and a beta of 4.35. The stock’s 50-day moving average price is $14.03 and its 200-day moving average price is $13.83.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.25%. Permian Resources’s dividend payout ratio (DPR) is 17.24%.

Insider Transactions at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $15.71, for a total value of $283,987,297.79. Following the completion of the transaction, the director now owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the sale, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the transaction, the director now directly owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The disclosure for this sale can be found here. In the last three months, insiders sold 40,833,426 shares of company stock valued at $619,355,856. Insiders own 23.14% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its holdings in Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after purchasing an additional 1,178 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Permian Resources during the fourth quarter worth about $33,000. Chilton Capital Management LLC increased its holdings in Permian Resources by 50.0% in the second quarter. Chilton Capital Management LLC now owns 3,000 shares of the company’s stock valued at $33,000 after buying an additional 1,000 shares in the last quarter. Quarry LP purchased a new position in Permian Resources in the first quarter valued at about $33,000. Finally, GAMMA Investing LLC purchased a new position in Permian Resources in the fourth quarter valued at about $43,000. 53.49% of the stock is owned by hedge funds and other institutional investors.

About Permian Resources

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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. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks in Reeves County, West Texas and Lea County, New Mexico.

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Analyst Recommendations for Permian Resources (NASDAQ:PR)

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