Permian Resources Co. (NASDAQ:PR – Get Rating) shares dropped 4.5% during mid-day trading on Friday . The stock traded as low as $10.19 and last traded at $10.42. Approximately 30,964 shares changed hands during mid-day trading, a decline of 100% from the average daily volume of 6,319,725 shares. The stock had previously closed at $10.91.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on PR shares. JPMorgan Chase & Co. reduced their price target on Permian Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, October 20th. Citigroup began coverage on Permian Resources in a research report on Wednesday, October 26th. They set a “buy” rating and a $12.00 target price for the company. Finally, Piper Sandler upped their price objective on Permian Resources from $12.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday.
Permian Resources Stock Performance
The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of 5.80 and a beta of 4.63. The stock’s 50-day moving average is $8.95. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.72 and a current ratio of 0.72.
Permian Resources Announces Dividend
The firm also recently announced a — dividend, which will be paid on Tuesday, November 29th. Shareholders of record on Monday, November 21st will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, November 18th.
Insider Buying and Selling at Permian Resources
In other news, COO Matthew R. Garrison sold 40,000 shares of the stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $9.00, for a total transaction of $360,000.00. Following the transaction, the chief operating officer now directly owns 1,187,566 shares of the company’s stock, valued at approximately $10,688,094. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Brent P. Jensen sold 50,000 shares of Permian Resources stock in a transaction that occurred on Friday, October 7th. The shares were sold at an average price of $9.25, for a total transaction of $462,500.00. Following the completion of the sale, the chief accounting officer now owns 1,017,983 shares of the company’s stock, valued at $9,416,342.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Matthew R. Garrison sold 40,000 shares of Permian Resources stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $9.00, for a total transaction of $360,000.00. Following the completion of the transaction, the chief operating officer now directly owns 1,187,566 shares in the company, valued at $10,688,094. The disclosure for this sale can be found here. In the last three months, insiders have sold 240,000 shares of company stock worth $2,327,900. Insiders own 29.20% of the company’s stock.
Institutional Investors Weigh In On Permian Resources
Several hedge funds have recently added to or reduced their stakes in PR. First Horizon Advisors Inc. purchased a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $31,000. Strategic Asset Management LLC acquired a new stake in shares of Permian Resources in the 3rd quarter valued at $34,000. Neo Ivy Capital Management acquired a new stake in Permian Resources during the 3rd quarter worth $46,000. Public Employees Retirement System of Ohio acquired a new stake in Permian Resources during the 3rd quarter worth $64,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Permian Resources during the 3rd quarter worth $65,000.
Permian Resources Company Profile
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 primarily in Reeves County, West Texas and Lea County, New Mexico.
- Get a free copy of the StockNews.com research report on Permian Resources (PR)
- MarketBeat: Week in Review 11/14 – 11/18
- Target’s Double Bottom Might Have Just Been Confirmed
- How High Can the Fed Go? How to Trade it
- Verra Mobility Stock Has Returned Back to the Station
- Does ASML’s November Rally Have Staying Power?
Receive News & Ratings for Permian Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Permian Resources and related companies with MarketBeat.com's FREE daily email newsletter.