Permian Resources (NASDAQ:PR) Shares Gap Up After Analyst Upgrade

Shares of Permian Resources Co. (NASDAQ:PR) gapped up before the market opened on Friday after JPMorgan Chase & Co. raised their price target on the stock from $18.00 to $20.00. The stock had previously closed at $17.81, but opened at $18.24. JPMorgan Chase & Co. currently has an overweight rating on the stock. Permian Resources shares last traded at $17.94, with a volume of 2,608,873 shares trading hands.

Several other research firms have also recently weighed in on PR. Wells Fargo & Company increased their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. Mizuho raised their price target on shares of Permian Resources from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Benchmark raised their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Tuesday, March 5th. Finally, Piper Sandler boosted their target price on shares of Permian Resources from $17.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, March 7th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.62.

Insider Buying and Selling at Permian Resources

In other news, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now directly owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Brent P. Jensen sold 84,554 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $14.96, for a total value of $1,264,927.84. Following the completion of the transaction, the chief accounting officer now directly owns 932,325 shares in the company, valued at approximately $13,947,582. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Brent P. Jensen sold 1,853 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the transaction, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 in the last quarter. Company insiders own 23.14% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Parallel Advisors LLC increased its stake in Permian Resources by 117.0% during the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares in the last quarter. Rise Advisors LLC bought a new stake in Permian Resources during the 1st quarter valued at about $32,000. DekaBank Deutsche Girozentrale bought a new stake in Permian Resources during the 4th quarter valued at about $33,000. Quarry LP bought a new stake in Permian Resources during the 1st quarter valued at about $33,000. Finally, GAMMA Investing LLC bought a new stake in Permian Resources during the 4th quarter valued at about $43,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Performance

The business’s 50 day simple moving average is $15.96 and its two-hundred day simple moving average is $14.42. The firm has a market capitalization of $13.69 billion, a P/E ratio of 15.28 and a beta of 4.35. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Sell-side analysts anticipate that Permian Resources Co. will post 1.69 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s payout ratio is 17.24%.

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.