Piper Sandler Cuts Permian Resources (NYSE:PR) Price Target to $20.00

Permian Resources (NYSE:PR) had its price target reduced by Piper Sandler from $21.00 to $20.00 in a report issued on Tuesday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. dropped their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Susquehanna dropped their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Truist Financial dropped their price objective on shares of Permian Resources from $22.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, September 30th. UBS Group dropped their price objective on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Finally, The Goldman Sachs Group began coverage on shares of Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and a consensus price target of $18.73.

Permian Resources Price Performance

PR stock opened at $14.03 on Tuesday. The firm has a 50 day moving average of $14.06 and a 200-day moving average of $15.47. Permian Resources has a 12-month low of $12.34 and a 12-month high of $18.28. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The company has a market cap of $10.80 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 0.85 and a beta of 4.32.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period last year, the company posted $0.27 EPS. The company’s revenue was up 99.9% on a year-over-year basis. As a group, equities analysts expect that Permian Resources will post 1.48 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 1.71%. Permian Resources’s dividend payout ratio is presently 21.82%.

Insider Activity

In related news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC lifted its holdings in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after buying an additional 1,998 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Permian Resources in the 2nd quarter valued at about $30,000. Rise Advisors LLC acquired a new stake in shares of Permian Resources in the 1st quarter valued at about $32,000. Transcendent Capital Group LLC acquired a new stake in shares of Permian Resources in the 1st quarter valued at about $36,000. Finally, UMB Bank n.a. raised its stake in shares of Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

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.