Permian Resources (NYSE:PR) Hits New 12-Month High – What’s Next?

Shares of Permian Resources Corporation (NYSE:PR) hit a new 52-week high during trading on Tuesday . The stock traded as high as $17.47 and last traded at $16.7630, with a volume of 279045 shares trading hands. The stock had previously closed at $17.29.

Analysts Set New Price Targets

PR has been the topic of several recent analyst reports. Susquehanna dropped their target price on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a report on Monday, January 26th. Wall Street Zen upgraded Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Benchmark reaffirmed a “buy” rating on shares of Permian Resources in a research report on Monday, February 2nd. Morgan Stanley lowered their price objective on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Finally, Piper Sandler cut their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday, November 18th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.71.

Permian Resources Trading Up 1.0%

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. The business has a 50-day simple moving average of $15.01 and a two-hundred day simple moving average of $13.98. The stock has a market cap of $14.79 billion, a price-to-earnings ratio of 16.36 and a beta of 0.77.

Insider Activity at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 172,904 shares of the business’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $2,356,681.52. Following the completion of the sale, the executive vice president owned 616,683 shares of the company’s stock, valued at $8,405,389.29. The trade was a 21.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP John Charles Bell sold 106,399 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $1,450,218.37. Following the completion of the transaction, the executive vice president directly owned 376,442 shares of the company’s stock, valued at $5,130,904.46. This represents a 22.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 2,210,456 shares of company stock valued at $30,231,728. 6.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in PR. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Permian Resources by 4.0% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock worth $224,000 after acquiring an additional 607 shares in the last quarter. Waterloo Capital L.P. increased its holdings in Permian Resources by 3.1% in the 4th quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock worth $305,000 after acquiring an additional 657 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in shares of Permian Resources by 5.4% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company’s stock valued at $192,000 after purchasing an additional 706 shares during the period. Curated Wealth Partners LLC lifted its position in shares of Permian Resources by 1.1% during the fourth quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock worth $991,000 after acquiring an additional 747 shares in the last quarter. Finally, Chilton Capital Management LLC boosted its stake in Permian Resources by 3.5% in the 3rd quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock worth $303,000 after purchasing an additional 800 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.