Morgan Stanley Cuts Permian Resources (NYSE:PR) Price Target to $19.00

Permian Resources (NYSE:PR) had its price objective reduced by stock analysts at Morgan Stanley from $21.00 to $19.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 36.10% from the company’s current price.

Several other brokerages have also recently issued reports on PR. Williams Trading set a $19.00 target price on shares of Permian Resources in a report on Wednesday, March 5th. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Piper Sandler dropped their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Finally, Truist Financial raised their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.31.

Permian Resources Stock Performance

NYSE:PR traded down $0.15 during mid-day trading on Thursday, reaching $13.96. The company’s stock had a trading volume of 3,190,855 shares, compared to its average volume of 8,455,806. 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 cap of $11.22 billion, a P/E ratio of 8.46, a PEG ratio of 4.05 and a beta of 4.30. The firm’s fifty day moving average price is $14.22 and its two-hundred day moving average price is $14.35. Permian Resources has a 12-month low of $11.84 and a 12-month high of $18.28.

Insider Buying and Selling

In related news, Director William J. Quinn purchased 500,000 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. The trade was a 160.04 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,446 shares of company stock valued at $269,731. Corporate insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in shares of Permian Resources by 1,435.0% during the 4th quarter. Wellington Management Group LLP now owns 650,900 shares of the company’s stock valued at $9,360,000 after acquiring an additional 608,496 shares during the last quarter. California State Teachers Retirement System lifted its position in Permian Resources by 12.5% during the fourth quarter. California State Teachers Retirement System now owns 562,494 shares of the company’s stock valued at $8,089,000 after purchasing an additional 62,339 shares during the last quarter. Ameriflex Group Inc. purchased a new position in shares of Permian Resources in the 4th quarter worth $89,000. Forum Financial Management LP increased its holdings in shares of Permian Resources by 39.1% in the 4th quarter. Forum Financial Management LP now owns 20,280 shares of the company’s stock worth $292,000 after buying an additional 5,705 shares during the last quarter. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Permian Resources during the 4th quarter valued at about $2,782,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.