Permian Resources (NASDAQ:PR) Sees Unusually-High Trading Volume After Analyst Upgrade

Shares of Permian Resources Co. (NASDAQ:PR – Get Rating) saw unusually-strong trading volume on Wednesday after Piper Sandler raised their price target on the stock from $14.00 to $16.00. Piper Sandler currently has an overweight rating on the stock. Approximately 6,937,602 shares traded hands during mid-day trading, a decline of 3% from the previous session’s volume of 7,146,690 shares.The stock last traded at $11.19 and had previously closed at $11.68.

Other analysts have also issued research reports about the company. TD Cowen raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price objective on the stock in a report on Wednesday, March 1st. Citigroup boosted their price target on shares of Permian Resources from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, March 1st. Cowen raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price target for the company in a report on Wednesday, March 1st. TD Cowen raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price target on the stock in a research note on Wednesday, March 1st. Finally, Mizuho assumed coverage on shares of Permian Resources in a research report on Monday, January 9th. They set a “neutral” rating and a $13.00 target price for the company. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.00.

Insider Activity at Permian Resources

In other news, COO Matthew R. Garrison sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $12.00, for a total transaction of $480,000.00. Following the completion of the sale, the chief operating officer now owns 1,062,985 shares in the company, valued at $12,755,820. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 29.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. First Horizon Advisors Inc. bought a new stake in Permian Resources during the 3rd quarter worth $31,000. Strategic Asset Management LLC bought a new stake in shares of Permian Resources in the 3rd quarter valued at about $34,000. UMB Bank n.a. bought a new position in Permian Resources during the 4th quarter worth approximately $35,000. Neo Ivy Capital Management acquired a new position in Permian Resources in the third quarter valued at $46,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Permian Resources during the 3rd quarter worth approximately $64,000. Institutional investors own 88.44% of the company’s stock.

Permian Resources Stock Down 4.5 %

The company has a market capitalization of $6.24 billion, a PE ratio of 6.93 and a beta of 4.54. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.38. The stock’s 50 day simple moving average is $10.22.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Tuesday, March 7th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Monday, March 6th. Permian Resources’s dividend payout ratio (DPR) is 12.42%.

Permian Resources Company Profile

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Permian Resources Corp. operates as an oil and natural gas company. It focuses on the development of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. The company was founded on October 6, 2014 and is headquartered in Denver, CO.