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

Shares of Permian Resources Corporation (NYSE:PR) have earned a consensus rating of “Buy” from the eighteen research firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $18.6875.

Several analysts have issued reports on the company. William Blair began coverage on Permian Resources in a research report on Monday, August 25th. They set an “outperform” rating on the stock. UBS Group upped their price target on Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Wall Street Zen downgraded Permian Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Raymond James Financial dropped their target price on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, September 2nd. Finally, Piper Sandler increased their target price on Permian Resources from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th.

Insiders Place Their Bets

In related news, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the sale, the executive vice president owned 91,805 shares in the company, valued at approximately $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,743 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. This trade represents a 4.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.44% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently added to or reduced their stakes in PR. GAMMA Investing LLC grew its stake in shares of Permian Resources by 1,340.4% during the first quarter. GAMMA Investing LLC now owns 92,269 shares of the company’s stock valued at $1,278,000 after buying an additional 85,863 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Permian Resources by 37.2% during the first quarter. UMB Bank n.a. now owns 6,175 shares of the company’s stock valued at $86,000 after buying an additional 1,675 shares during the last quarter. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Permian Resources during the first quarter valued at about $148,000. Park Avenue Securities LLC grew its stake in shares of Permian Resources by 55.0% during the first quarter. Park Avenue Securities LLC now owns 20,457 shares of the company’s stock valued at $283,000 after buying an additional 7,262 shares during the last quarter. Finally, MADDEN SECURITIES Corp grew its stake in shares of Permian Resources by 1.9% during the first quarter. MADDEN SECURITIES Corp now owns 70,275 shares of the company’s stock valued at $973,000 after buying an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Performance

Shares of PR opened at $12.22 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a 50 day moving average price of $13.48 and a two-hundred day moving average price of $13.25. The firm has a market capitalization of $9.78 billion, a P/E ratio of 7.93 and a beta of 1.32. Permian Resources has a 52 week low of $10.01 and a 52 week high of $16.33.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.Permian Resources’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.39 earnings per share. Equities analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.9%. Permian Resources’s dividend payout ratio is currently 38.96%.

About Permian Resources

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.