Permian Resources Co. (NYSE:PR) Director William J. Quinn Purchases 500,000 Shares of Stock

Permian Resources Co. (NYSE:PR) Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now owns 812,429 shares in the company, valued at $10,618,447.03. This represents a 160.04 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Permian Resources Stock Performance

Permian Resources stock opened at $12.46 on Thursday. The company has a market cap of $10.01 billion, a price-to-earnings ratio of 7.55, a price-to-earnings-growth ratio of 4.05 and a beta of 4.28. Permian Resources Co. has a 12 month low of $11.84 and a 12 month high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock’s 50-day moving average is $14.63 and its 200-day moving average is $14.42.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.82%. Permian Resources’s payout ratio is 41.96%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Truist Financial lifted their price objective on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and boosted their price objective for the company from $17.00 to $20.00 in a research report on Wednesday. Citigroup reduced their price objective on shares of Permian Resources from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday. Piper Sandler lifted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Morgan Stanley started coverage on Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price target on the stock. One research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Permian Resources presently has a consensus rating of “Buy” and a consensus price target of $19.38.

Institutional Investors Weigh In On Permian Resources

Several institutional investors have recently bought and sold shares of the business. Ameriflex Group Inc. acquired a new position in shares of Permian Resources during the fourth quarter worth about $89,000. Forum Financial Management LP lifted its position in Permian Resources by 39.1% during the 4th quarter. Forum Financial Management LP now owns 20,280 shares of the company’s stock worth $292,000 after acquiring an additional 5,705 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Permian Resources in the 4th quarter worth approximately $2,782,000. Sunbelt Securities Inc. boosted its holdings in Permian Resources by 435.5% in the 4th quarter. Sunbelt Securities Inc. now owns 17,092 shares of the company’s stock worth $242,000 after acquiring an additional 13,900 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Permian Resources in the fourth quarter valued at approximately $431,676,000. 91.84% of the stock is currently 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.