Permian Resources (NYSE:PR) Sets New 1-Year High – Here’s What Happened

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on PR. Piper Sandler decreased their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, November 18th. Zacks Research downgraded shares of Permian Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 20th. The Goldman Sachs Group boosted their price target on Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Bank of America reaffirmed a “neutral” rating and set a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Finally, Wall Street Zen upgraded Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.71.

Permian Resources Price Performance

The stock 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 market cap of $14.21 billion, a PE ratio of 15.72 and a beta of 0.76. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 106,405 shares of the firm’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,300.15. Following the completion of the sale, the executive vice president owned 360,667 shares of the company’s stock, valued at approximately $4,915,891.21. This trade represents a 22.78% decrease in their ownership of the stock. The transaction 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 106,399 shares of the business’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the sale, the executive vice president owned 376,442 shares in the company, valued at $5,130,904.46. The trade was a 22.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 2,210,456 shares of company stock valued at $30,231,728 in the last three months. Insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its stake in shares of Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after acquiring an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Permian Resources by 18.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $75,512,000 after purchasing an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Permian Resources by 7.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock worth $16,751,000 after purchasing an additional 87,105 shares in the last quarter. KLP Kapitalforvaltning AS boosted its position in Permian Resources by 5.9% during the second quarter. KLP Kapitalforvaltning AS now owns 131,884 shares of the company’s stock worth $1,796,000 after purchasing an additional 7,400 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new stake in Permian Resources in the second quarter valued at $143,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.