Insider Sale: Permian Resources Co. (NASDAQ: PR) COO Sells 40,000 Shares

Permian Resources Co. (NASDAQ:PR – Get Rating) Chief Operating Officer Matthew R. Garrison sold 40,000 shares of the company in a trade on Friday, November 4. The shares were sold at an average price of $11.01, for a total transaction of $440,400.00. Following the transaction, the COO now directly owns 1,107,566 shares of the company, valued at $12,194,301.66. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website.

Permian resource stock down 2.3%

Shares of NASDAQ:PR traded down $0.26 in Tuesday’s midday session, hitting $10.90. The company’s stock had a trading volume of 5,747,075 shares, compared to an average volume of 9,040,233. The company has a 50-day moving average of $8.52. The stock has a market capitalization of $3.11 billion, a price-earnings ratio of 8.57 and a beta of 4.63. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt ratio of 0.27. Permian Resources Co. has a 12-month low of $5.08 and a 12-month high of $11.20.

Analyst upgrades and downgrades

A number of research analysts have published PR stock reports. JPMorgan Chase & Co. cut its price target on Permian Resources shares from $12.00 to $11.00 and set an “overweight” rating on the stock in a Thursday, October 20 research report. Citigroup began covering Permian Resources shares in a research report on Wednesday, October 26. They set a “buy” rating and a price target of $12.00 on the stock. Finally, Piper Sandler raised her price target on Permian Resources shares from $11.00 to $12.00 and gave the company an “overweight” rating in a Tuesday, October 18 research report.

Institutional trade in Permian resources

A number of hedge funds and other institutional investors have recently shifted their PR holdings. Strategic Asset Management LLC bought a new position in Permian Resources in Q3 for a value of around $34,000. Allspring Global Investments Holdings LLC bought a new position in Permian Resources in Q3 for a value of around $65,000. Forum Financial Management LP bought a new position in Permian Resources in Q3 for a value of around $71,000. Xponance Inc. bought a new position in Permian Resources in Q3 worth around $79,000. Finally, CIBC Asset Management Inc bought a new position in Permian Resources in Q3 for a value of around $83,000.

Permian Resources Company Profile

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Permian Resources Corporation, an independent oil and gas company, is focused on developing crude oil and associated liquids-rich natural gas reserves in the United States. Its assets are primarily focused on the Delaware Basin, a sub-basin of the Permian Basin. The Company’s properties consist of acreage blocks primarily in Reeves County, West Texas and Lea County, New Mexico.

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