The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Permian Resources Corp shares valued at $141,390,000 were sold by EnCap Partners GP, LLC on Mar 06 ’24. At $15.71 per share, EnCap Partners GP, LLC sold 9,000,000 shares. The insider’s holdings dropped to 25,477,527 shares worth approximately $459.61 million following the completion of this transaction.
Also, Hickey William M III sold 4,000,000 shares, netting a total of over 62,840,000 in proceeds. Following the sale of shares at $15.71 each, the insider now holds 0 shares.
Before that, Walter James H had sold 4,000,000 shares from its account. In a trade valued at $62,840,000, the Co-Chief Executive Officer traded Permian Resources Corp shares for $15.71 each. Upon closing the transaction, the insider’s holdings decreased to 4,000,000 shares, worth approximately $0.0.
As published in their initiating research note from Raymond James on April 09, 2024, Permian Resources Corp [PR] has been a Strong buy and the price target has been revised to $24. Analysts at BofA Securities started covering the stock with ‘”a Neutral”‘ outlook in a report released in early January. As of November 15, 2023, Wells Fargo has initiated its “an Overweight” rating for PR. Earlier on August 16, 2023, Mizuho upgraded its rating. Their new recommendation was “a Buy” for PR stock which previously was a “a Neutral”.
Analyzing PR Stock Performance
During the last five days, there has been a surge of approximately 1.29%. Over the course of the year, Permian Resources Corp shares have jumped approximately 33.48%. Shares of the company reached a 52-week high of $18.27 on 04/10/24 and a 52-week low of $12.59 on 02/05/24. A 50-day SMA is recorded $15.68, while a 200-day SMA reached $13.73. Nevertheless, trading volume fell to 8.91 million shares from 8.35 million shares the previous day.
Support And Resistance Levels for Permian Resources Corp (PR)
According to the 24-hour chart, there is a support level at 17.82, which, if violated, would cause prices to drop to 17.59. In the upper region, resistance lies at 18.27. The next price resistance is at 18.50. RSI (Relative Strength Index) is 74.38 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.38, which suggests the price will decrease in the coming days. Percent R is at 18.15%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Permian Resources Corp subject to short interest?
Stocks of Permian Resources Corp saw a sharp steep in short interest on Mar 15, 2024 dropping by -1.1 million shares to 40.83 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 41.93 million shares. A decline of -2.69% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.3 of the overall float, the days-to-cover ratio (short ratio) decline to 3.3.
