Permian Resources Corp’s recently made public that its 10% Owner EnCap Partners GP, LLC unloaded Company’s shares for reported $141.39 million on Mar 06 ’24. In the deal valued at $15.71 per share,9,000,000 shares were sold. As a result of this transaction, EnCap Partners GP, LLC now holds 25,477,527 shares worth roughly $456.81 million.
Then, Hickey William M III sold 4,000,000 shares, generating $62,840,000 in total proceeds. Upon selling the shares at $15.71, the Co-Chief Executive Officer now owns 0 shares.
Before that, Walter James H sold 4,000,000 shares. Permian Resources Corp shares valued at $62,840,000 were divested by the Co-Chief Executive Officer at a price of $15.71 per share. As a result of the transaction, Walter James H now holds 0 shares, worth roughly $0.0.
BofA Securities initiated its Permian Resources Corp [PR] rating to a Neutral in a research note published on January 05, 2024; the price target was $15. A number of analysts have revised their coverage, including Wells Fargo’s analysts, who began to cover the stock in mid November with a ‘”an Overweight”‘ rating. Mizuho also remained covering PR and has increased its forecast on August 16, 2023 with a “Buy” recommendation from previously “Neutral” rating. The Benchmark Company started covering the stock on July 13, 2023. It rated PR as “a Buy”.
Price Performance Review of PR
On Friday, Permian Resources Corp [NYSE:PR] saw its stock jump 1.19% to $17.93. Over the last five days, the stock has gained 1.53%. Permian Resources Corp shares have risen nearly 32.67% since the year began. Nevertheless, the stocks have risen 66.01% over the past one year. While a 52-week high of $18.03 was reached on 04/05/24, a 52-week low of $8.80 was recorded on 02/05/24. SMA at 50 days reached $15.42, while 200 days put it at $13.62. A total of 7.17 million shares were traded, compared to the trading of 6.6 million shares in the previous session.
Levels Of Support And Resistance For PR Stock
The 24-hour chart illustrates a support level at 17.74, which if violated will result in even more drops to 17.54. On the upside, there is a resistance level at 18.10. A further resistance level may holdings at 18.26. The Relative Strength Index (RSI) on the 14-day chart is 77.06, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.48, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 7.91%. Stochastics %K at 89.68% indicates the stock is a selling.
How much short interest is there in Permian Resources Corp?
A steep rise in short interest was recorded in Permian Resources Corp stocks on Mar 15, 2024, dropping by -1.1 million shares to a total of 40.83 million shares. Yahoo Finance data shows the prior-month short interest on Feb 15, 2024 was 41.93 million shares. There was a decline of -2.69%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 7.91% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.3.
The most recent change occurred on April 19, 2023 when UBS began covering the stock and recommended ‘”a Neutral”‘ rating along with a $13 price target.
