Permian Resources Co. (NYSE:PR) Receives $18.87 Average PT from Brokerages

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

A number of equities analysts have commented on the company. The Goldman Sachs Group initiated coverage on Permian Resources in a research note on Monday, September 30th. They set a “buy” rating and a $19.00 price objective on the stock. Wells Fargo & Company dropped their price target 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. Benchmark cut their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Finally, Citigroup dropped their target price on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 9th.

Permian Resources Stock Down 2.5 %

PR opened at $14.80 on Thursday. 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 stock has a fifty day moving average of $14.03 and a 200-day moving average of $15.00. Permian Resources has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The company has a market capitalization of $11.88 billion, a P/E ratio of 8.97, a P/E/G ratio of 0.91 and a beta of 4.34.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the firm posted $0.36 EPS. The business’s revenue for the quarter was up 60.3% compared to the same quarter last year. On average, equities analysts expect that Permian Resources will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date of this dividend is Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is presently 36.36%.

Insider Transactions at Permian Resources

In other news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. This trade represents a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently modified their holdings of the company. Simplicity Wealth LLC boosted its position in shares of Permian Resources by 5.2% during the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock valued at $212,000 after buying an additional 646 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Permian Resources by 19.6% in the 2nd quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after acquiring an additional 716 shares in the last quarter. Mount Yale Investment Advisors LLC grew its stake in shares of Permian Resources by 3.1% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after acquiring an additional 781 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Permian Resources by 0.5% in the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock valued at $3,379,000 after purchasing an additional 949 shares during the last quarter. Finally, Avior Wealth Management LLC lifted its position in shares of Permian Resources by 0.9% during the third quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock valued at $1,560,000 after purchasing an additional 1,007 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

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.