Permian Resources (NYSE:PR) Hits New 12-Month High – Should You Buy?

Permian Resources Corporation (NYSE:PR)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $17.29 and last traded at $17.14, with a volume of 13510297 shares traded. The stock had previously closed at $16.93.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PR. Wells Fargo & Company increased their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, January 27th. Zacks Research downgraded shares of Permian Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 20th. Susquehanna dropped their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research note on Monday, January 26th. Benchmark restated a “buy” rating on shares of Permian Resources in a research report on Monday, February 2nd. Finally, UBS Group increased their target price on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.71.

Permian Resources Price Performance

The company has a market capitalization of $14.21 billion, a price-to-earnings ratio of 15.72 and a beta of 0.76. The company has a fifty day simple moving average of $14.67 and a two-hundred day simple moving average of $13.83. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67.

Insider Transactions at Permian Resources

In other news, EVP John Charles Bell sold 106,399 shares of the company’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the completion of the transaction, the executive vice president owned 376,442 shares of the company’s stock, valued at $5,130,904.46. This represents a 22.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Robert Regan Shannon sold 106,405 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the completion of the sale, the executive vice president directly owned 360,667 shares in the company, valued at $4,915,891.21. This represents a 22.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 2,210,456 shares of company stock valued at $30,231,728. Corporate insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently bought and sold shares of PR. Farther Finance Advisors LLC grew its stake in shares of Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after buying an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Permian Resources by 154.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after acquiring an additional 1,391 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in Permian Resources during the second quarter valued at about $36,000. Parkside Financial Bank & Trust grew its position in Permian Resources by 90.8% during the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after acquiring an additional 1,357 shares during the period. Finally, LRI Investments LLC acquired a new stake in Permian Resources during the second quarter worth about $54,000. Institutional investors and hedge funds 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.