Citigroup Has Lowered Expectations for Permian Resources (NYSE:PR) Stock Price

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

PR has been the subject of several other research reports. Truist Financial increased their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Morgan Stanley initiated coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 target price for the company. Finally, Piper Sandler upped their price target on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $19.06.

Permian Resources Stock Performance

NYSE:PR traded down $0.39 during trading hours on Tuesday, hitting $12.55. 9,255,906 shares of the company traded hands, compared to its average volume of 8,044,427. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization 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 firm has a 50-day moving average of $14.69 and a 200 day moving average of $14.45. Permian Resources has a twelve month low of $12.28 and a twelve month high of $18.28.

Insiders Place Their Bets

In other news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Permian Resources by 0.5% during 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 buying an additional 662 shares during the period. Louisiana State Employees Retirement System grew its holdings in shares of Permian Resources by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock valued at $2,540,000 after buying an additional 700 shares during the last quarter. Sunbelt Securities Inc. increased its position in shares of Permian Resources by 33.4% during 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 in the last quarter. CIBC Asset Management Inc raised its holdings in shares of Permian Resources by 5.4% in the 4th 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 last quarter. Finally, Principal Securities Inc. lifted its position in Permian Resources by 73.6% in the 4th 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. 91.84% of the stock is 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.