Permian Resources (NASDAQ:PR) Receives “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Permian Resources (NASDAQ:PRFree Report) in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a $17.00 price target on the stock.

Other equities research analysts have also recently issued reports about the company. Benchmark upped their target price on Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a research note on Tuesday, March 5th. Truist Financial cut their target price on Permian Resources from $24.00 to $22.00 and set a buy rating for the company in a research note on Friday, April 5th. Stifel Nicolaus upped their target price on Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a research note on Friday, March 22nd. Mizuho upped their target price on Permian Resources from $16.00 to $18.00 and gave the stock a buy rating in a research note on Thursday, March 7th. Finally, Wells Fargo & Company upped their target price on Permian Resources from $17.00 to $18.00 and gave the stock an overweight rating in a research note on Tuesday, March 5th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $18.62.

Read Our Latest Report on Permian Resources

Permian Resources Trading Down 0.4 %

Shares of PR stock opened at $17.73 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The stock has a market cap of $13.69 billion, a P/E ratio of 15.28 and a beta of 4.35. The stock has a 50 day simple moving average of $15.96 and a 200 day simple moving average of $14.42. Permian Resources has a 1 year low of $8.94 and a 1 year high of $18.28.

Permian Resources (NASDAQ:PRGet Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. On average, research analysts predict that Permian Resources will post 1.69 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were issued a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.13%. Permian Resources’s payout ratio is 17.24%.

Insider Activity at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the sale, the director now directly owns 71,056,620 shares in the company, valued at approximately $1,116,299,500.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the sale, the director now directly owns 71,056,620 shares in the company, valued at approximately $1,116,299,500.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the sale, the insider now owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock worth $516,796,999 over the last three months. Company insiders own 23.14% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after acquiring an additional 19,847,358 shares in the last quarter. EnCap Energy Capital Fund XI L.P. bought a new position in Permian Resources in the 4th quarter valued at about $353,683,000. Post Oak Energy Holdings LLC lifted its position in Permian Resources by 329.5% in the 4th quarter. Post Oak Energy Holdings LLC now owns 21,048,630 shares of the company’s stock valued at $286,261,000 after acquiring an additional 16,147,789 shares in the last quarter. BlackRock Inc. lifted its position in Permian Resources by 10.5% in the 2nd quarter. BlackRock Inc. now owns 17,943,203 shares of the company’s stock valued at $196,658,000 after acquiring an additional 1,708,290 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Permian Resources by 10.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 17,531,746 shares of the company’s stock valued at $192,148,000 after acquiring an additional 1,592,275 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

(Get Free Report)

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.

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Analyst Recommendations for Permian Resources (NASDAQ:PR)

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