Permian Resources (NYSE:PR) Given New $17.00 Price Target at Citigroup

Permian Resources (NYSE:PR) had its target price reduced by analysts at Citigroup from $18.00 to $17.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 35.42% from the stock’s previous close.

Several other research firms also recently weighed in on PR. Piper Sandler boosted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Truist Financial lifted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Finally, Morgan Stanley started coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $19.06.

Permian Resources Stock Down 3.0 %

Shares of PR traded down $0.39 during trading on Tuesday, reaching $12.55. The company’s stock had a trading volume of 9,255,906 shares, compared to its average volume of 8,044,427. Permian Resources has a twelve month low of $12.28 and a twelve month high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market cap of $10.09 billion, a price-to-earnings ratio of 7.61, a P/E/G ratio of 4.05 and a beta of 4.28. The company has a fifty day moving average of $14.69 and a two-hundred day moving average of $14.45.

Insider Buying and Selling at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Securities Inc. increased its position in shares of 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 in the last quarter. ORG Wealth Partners LLC purchased a new stake in Permian Resources during the 4th quarter valued at $31,000. Global Retirement Partners LLC increased its holdings in shares of Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after purchasing an additional 1,232 shares in the last quarter. Rakuten Securities Inc. raised its position in Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after buying an additional 2,305 shares during the last quarter. Finally, RE Dickinson Investment Advisors LLC purchased a new position in shares of Permian Resources during the fourth quarter valued at approximately $41,000. 91.84% of the stock is owned by hedge funds and other 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.