Permian Resources (NYSE:PR) Reaches New 52-Week High – Here’s Why

Permian Resources Corporation (NYSE:PR) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $18.16 and last traded at $17.8150, with a volume of 455913 shares. The stock had previously closed at $17.96.

Analysts Set New Price Targets

Several research firms have weighed in on PR. Morgan Stanley decreased their price target on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. UBS Group raised their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Mizuho boosted their price target on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Weiss Ratings restated a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th. Finally, Zacks Research raised Permian Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and a consensus target price of $18.71.

Permian Resources Price Performance

The firm has a 50-day moving average of $15.14 and a 200-day moving average of $14.04. The stock has a market cap of $14.79 billion, a PE ratio of 16.36 and a beta of 0.76. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 172,904 shares of the business’s stock in a transaction on 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 sale, the executive vice president owned 616,683 shares in the company, valued at $8,405,389.29. The trade was a 21.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William M. Hickey III sold 467,725 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the transaction, the chief executive officer directly owned 1,010,136 shares of the company’s stock, valued at $13,768,153.68. This trade represents a 31.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 2,210,456 shares of company stock valued at $30,231,728. 12.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PR. Ruffer LLP bought a new stake in shares of Permian Resources in the 3rd quarter valued at about $2,608,000. Massachusetts Financial Services Co. MA increased its holdings in Permian Resources by 8.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after buying an additional 1,421,059 shares during the period. American Century Companies Inc. raised its stake in Permian Resources by 20.3% in the second quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock worth $150,409,000 after buying an additional 1,863,632 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Permian Resources by 101.0% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock worth $6,920,000 after buying an additional 271,668 shares in the last quarter. Finally, Cresset Asset Management LLC lifted its holdings in Permian Resources by 599.2% during the second quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock worth $2,377,000 after buying an additional 149,548 shares during the period. 91.84% of the stock is owned by 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.