Permian Resources Corporation (NYSE:PR) Receives Average Recommendation of “Buy” from Analysts

Permian Resources Corporation (NYSE:PR) has earned a consensus rating of “Buy” from the twenty-one ratings firms that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation, fourteen have given a buy recommendation and four have assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $22.3750.

A number of research firms have recently commented on PR. The Goldman Sachs Group lifted their price objective on Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Scotiabank lifted their price objective on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 22nd. Piper Sandler lifted their price objective on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Finally, Bank of America reiterated a “neutral” rating and issued a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th.

Insiders Place Their Bets

In related news, Director William J. Quinn sold 800,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the transaction, the director directly owned 7,426,839 shares in the company, valued at $142,223,966.85. The trade was a 9.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James H. Walter sold 673,425 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $12,377,551.50. Following the completion of the transaction, the chief executive officer directly owned 9,389,405 shares of the company’s stock, valued at approximately $172,577,263.90. This trade represents a 6.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,130,066 shares of company stock valued at $58,837,655 in the last ninety days. Company insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ruffer LLP bought a new stake in Permian Resources in the 3rd quarter valued at $2,608,000. Massachusetts Financial Services Co. MA increased its holdings in Permian Resources by 8.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after buying an additional 1,421,059 shares during the period. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in Permian Resources by 24.7% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,263,570 shares of the company’s stock valued at $169,774,000 after buying an additional 2,628,744 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Permian Resources by 101.0% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock valued at $6,920,000 after buying an additional 271,668 shares during the period. Finally, SCP Investment LP boosted its holdings in Permian Resources by 225.0% during the third quarter. SCP Investment LP now owns 93,600 shares of the company’s stock valued at $1,198,000 after purchasing an additional 64,800 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

PR opened at $21.64 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a 50-day moving average of $19.84 and a 200-day moving average of $16.21. The company has a market cap of $18.10 billion, a PE ratio of 17.31, a price-to-earnings-growth ratio of 2.60 and a beta of 0.56. Permian Resources has a 52-week low of $11.58 and a 52-week high of $21.99.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The firm’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 earnings per share. As a group, equities research analysts forecast that Permian Resources will post 1.88 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a $0.16 dividend. The ex-dividend date was Tuesday, March 17th. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. Permian Resources’s dividend payout ratio is presently 51.20%.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.