Morgan Stanley Cuts Permian Resources (NYSE:PR) Price Target to $19.00

Permian Resources (NYSE:PR) had its price objective decreased by Morgan Stanley from $21.00 to $19.00 in a research note released on Thursday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other brokerages have also commented on PR. JPMorgan Chase & Co. dropped their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and lifted their target price for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. Truist Financial boosted their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Finally, Piper Sandler reduced their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.31.

Permian Resources Stock Down 1.6 %

NYSE PR opened at $13.73 on Thursday. The business’s 50-day moving average is $14.14 and its 200 day moving average is $14.36. The stock has a market capitalization of $11.03 billion, a PE ratio of 8.32, a PEG ratio of 4.05 and a beta of 4.30. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources has a 1 year low of $11.84 and a 1 year high of $18.28.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.37%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s dividend payout ratio (DPR) is 41.96%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction on Monday, March 3rd. The stock was acquired at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 2,804 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the transaction, the executive vice president now directly owns 74,433 shares in the company, valued at approximately $1,044,294.99. The trade was a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,446 shares of company stock worth $269,731. 12.80% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

Large investors have recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Permian Resources by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock worth $2,021,000 after purchasing an additional 662 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Permian Resources by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock worth $2,540,000 after buying an additional 700 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after acquiring an additional 800 shares during the period. CIBC Asset Management Inc grew its holdings in shares of Permian Resources by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock worth $226,000 after acquiring an additional 805 shares during the period. Finally, Principal Securities Inc. increased its position in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

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.