Insider Buying: Permian Resources Co. (NYSE:PR) Director Buys $6,535,000.00 in Stock

Permian Resources Co. (NYSE:PR) Director William J. Quinn purchased 500,000 shares of the stock in a transaction on Monday, March 3rd. The shares were purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

Permian Resources Stock Up 1.9 %

NYSE PR opened at $12.68 on Friday. 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 has a market capitalization of $10.18 billion, a PE ratio of 7.68, a PEG ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 1 year low of $11.84 and a 1 year high of $18.28. The business’s 50-day moving average is $14.60 and its 200 day moving average is $14.40.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.73%. Permian Resources’s payout ratio is presently 41.96%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Truist Financial raised their price target on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Piper Sandler decreased their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday. Citigroup decreased their price objective on Permian Resources from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday. Morgan Stanley assumed coverage on Permian Resources in a report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective on the stock. Finally, Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and lifted their price objective for the stock from $17.00 to $20.00 in a report on Wednesday. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Permian Resources currently has an average rating of “Buy” and an average target price of $19.31.

Institutional Trading of Permian Resources

Several large investors have recently bought and sold shares of PR. Principal Securities Inc. boosted its position in Permian Resources by 73.6% during 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. ORG Wealth Partners LLC bought a new stake in Permian Resources during the 4th quarter valued at approximately $31,000. Global Retirement Partners LLC boosted its position in Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after acquiring an additional 1,232 shares in the last quarter. Rakuten Securities Inc. boosted its position in Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after acquiring an additional 2,305 shares in the last quarter. Finally, RE Dickinson Investment Advisors LLC bought a new stake in Permian Resources during the 4th quarter valued at approximately $41,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Company Profile

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.