Permian Resources Co. (NYSE:PR) Receives $18.87 Consensus Target Price from Analysts

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

A number of research firms have recently commented on PR. JPMorgan Chase & Co. dropped their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Truist Financial upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Wells Fargo & Company cut their price target on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Piper Sandler lowered their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th.

Permian Resources Trading Up 0.3 %

Permian Resources stock opened at $14.99 on Friday. The stock has a market cap of $12.04 billion, a PE ratio of 9.08, a P/E/G ratio of 0.88 and a beta of 4.32. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a 50-day moving average price of $14.71 and a 200 day moving average price of $14.66. Permian Resources has a 52 week low of $12.59 and a 52 week high of $18.28.

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, beating analysts’ consensus estimates of $0.32 by $0.21. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company’s revenue was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.36 earnings per share. Equities research analysts predict that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.00%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Insider Activity

In other news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction dated Friday, January 3rd. The stock was 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 approximately $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Asset Management L.P. increased its stake in shares of Permian Resources by 58.3% in the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after buying an additional 2,023,742 shares during the last quarter. Tributary Capital Management LLC increased its position in shares of Permian Resources by 8,360.8% in the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock worth $699,000 after purchasing an additional 50,750 shares during the last quarter. South Street Advisors LLC acquired a new stake in shares of Permian Resources in the 3rd quarter valued at about $7,142,000. Oppenheimer Asset Management Inc. bought a new position in shares of Permian Resources during the third quarter worth about $556,000. Finally, King Luther Capital Management Corp grew its stake in Permian Resources by 8.3% in the third quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company’s stock worth $71,241,000 after purchasing an additional 402,515 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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.