Permian Resources (NYSE:PR) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of Permian Resources (NYSE:PR) from a strong-buy rating to a buy rating in a research note released on Saturday,Wall Street Zen reports.

A number of other research firms also recently commented on PR. Zacks Research raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 6th. Truist Financial increased their price objective on shares of Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Stifel Nicolaus initiated coverage on shares of Permian Resources in a research report on Thursday, September 10th. They issued a “buy” rating and a $30.00 target price on the stock. Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a report on Friday, July 31st. Finally, Wells Fargo & Company dropped their price target on shares of Permian Resources from $28.00 to $27.00 and set an “overweight” rating for the company in a research report on Friday. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Permian Resources presently has a consensus rating of “Buy” and a consensus target price of $26.61.

Permian Resources Price Performance

Shares of NYSE:PR opened at $21.54 on Friday. The company has a market cap of $18.04 billion, a P/E ratio of 11.22 and a beta of 0.62. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources has a 52 week low of $13.03 and a 52 week high of $26.07. The business has a fifty day simple moving average of $23.34 and a 200-day simple moving average of $20.57.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 4th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.61 by $0.08. Permian Resources had a return on equity of 15.79% and a net margin of 25.04%. The firm had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the firm posted $0.08 earnings per share. The business’s quarterly revenue was up 48.1% compared to the same quarter last year. Equities research analysts forecast that Permian Resources will post 2.47 EPS for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Thursday, December 17th. Permian Resources’s payout ratio is 33.33%.

Insiders Place Their Bets

In other Permian Resources news, EVP Robert Shannon sold 5,104 shares of the company’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the sale, the executive vice president directly owned 1,346,698 shares in the company, valued at $31,984,077.50. This represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy Oliphint sold 5,103 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the transaction, the executive vice president owned 537,400 shares in the company, valued at approximately $12,763,250. This trade represents a 0.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 15,699 shares of company stock worth $372,851 over the last three months. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership acquired a new position in Permian Resources during the first quarter valued at approximately $121,041,000. Jennison Associates LLC increased its position in shares of Permian Resources by 63.1% in the first quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock worth $132,824,000 after acquiring an additional 2,411,292 shares in the last quarter. First Trust Advisors LP increased its position in shares of Permian Resources by 66.6% in the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock worth $118,636,000 after acquiring an additional 2,224,560 shares in the last quarter. Encompass Capital Advisors LLC acquired a new stake in shares of Permian Resources in the first quarter worth $34,065,000. Finally, Goehring & Rozencwajg Associates LLC raised its stake in shares of Permian Resources by 304.0% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,814,700 shares of the company’s stock valued at $38,689,000 after acquiring an additional 1,365,465 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico.

The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.

Permian Resources was formed in 2022 through the combination of Centennial Resource Development and Colgate Energy.