Brokerages Set Permian Resources Co. (NYSE:PR) Price Target at $18.87

Shares of Permian Resources Co. (NYSE:PR) have been given an average recommendation of “Moderate Buy” by the sixteen research firms that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $18.87.

PR has been the topic of several recent research reports. Truist Financial boosted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a report on Monday, October 14th. UBS Group lowered their price objective on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Wells Fargo & Company cut their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Finally, JPMorgan Chase & Co. decreased their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th.

Permian Resources Trading Down 0.3 %

Shares of Permian Resources stock opened at $14.95 on Friday. The company’s fifty day moving average is $14.76 and its two-hundred day moving average is $14.67. Permian Resources has a 1 year low of $12.59 and a 1 year high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market capitalization of $12.01 billion, a P/E ratio of 9.06, a PEG ratio of 0.88 and a beta of 4.32.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same period last year, the firm earned $0.36 EPS. Analysts forecast that Permian Resources will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a dividend of $0.15 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 4.01%. The ex-dividend date was Thursday, November 14th. Permian Resources’s payout ratio is currently 36.36%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 12.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently modified their holdings of the company. Hexagon Capital Partners LLC grew its stake 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 acquiring an additional 1,998 shares during the period. UMB Bank n.a. grew its position in shares of Permian Resources by 99.2% in the third 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 during the period. Sunbelt Securities Inc. increased its stake in Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after purchasing an additional 800 shares during the last quarter. Blue Trust Inc. lifted its position in Permian Resources by 399.5% during the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after buying an additional 2,629 shares during the period. Finally, National Bank of Canada FI acquired a new stake in Permian Resources in the 3rd quarter worth about $45,000. Hedge funds and other institutional investors 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.