Permian Resources (NYSE:PR) Reaches New 12-Month High – Still a Buy?

Shares of Permian Resources Corporation (NYSE:PR) 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.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. UBS Group lifted their price target on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Benchmark reissued a “buy” rating on shares of Permian Resources in a research report on Monday, February 2nd. Bank of America reaffirmed a “neutral” rating and issued a $16.00 target price (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. TD Cowen raised shares of Permian Resources to a “strong-buy” rating in a research report on Monday, February 9th. Finally, Susquehanna dropped their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a research note on Monday, January 26th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.71.

Permian Resources Stock Performance

The company has a market capitalization of $14.79 billion, a PE ratio of 16.36 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. The business’s fifty day moving average is $15.14 and its two-hundred day moving average is $14.04.

Insider Activity at Permian Resources

In other news, EVP John Charles Bell sold 106,399 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The shares were 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 of the company’s stock, valued at $5,130,904.46. This trade represents a 22.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James H. Walter sold 467,700 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the transaction, the chief executive officer directly owned 1,010,138 shares of the company’s stock, valued at $13,768,180.94. The trade was a 31.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,210,456 shares of company stock valued at $30,231,728 over the last three months. 12.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently added to or reduced their stakes in PR. Farther Finance Advisors LLC boosted its stake in shares of Permian Resources by 114.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after buying an additional 1,047 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Permian Resources by 154.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after acquiring an additional 1,391 shares during the period. Parkside Financial Bank & Trust boosted its position in Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after purchasing an additional 1,357 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Permian Resources during the 4th quarter valued at about $39,000. Finally, State of Wyoming increased its position in shares of Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

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.