Permian Resources (NYSE:PR) Given New $14.00 Price Target at Benchmark

Permian Resources (NYSE:PR) had its price objective lowered by Benchmark from $17.00 to $14.00 in a research report sent to investors on Wednesday, Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other brokerages have also recently issued reports on PR. Susquehanna cut their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. The Goldman Sachs Group began coverage on shares of Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 price objective for the company. Piper Sandler reduced their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday. UBS Group dropped their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Finally, Mizuho decreased their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $18.73.

Permian Resources Stock Performance

PR opened at $13.98 on Wednesday. The stock has a market cap of $10.76 billion, a PE ratio of 12.71, a P/E/G ratio of 0.85 and a beta of 4.32. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28. The stock’s 50 day simple moving average is $14.07 and its 200-day simple moving average is $15.51. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last issued its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the business earned $0.27 EPS. The firm’s revenue was up 99.9% on a year-over-year basis. Sell-side analysts forecast that Permian Resources will post 1.49 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.72%. Permian Resources’s dividend payout ratio is 21.82%.

Insider Activity at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP John Charles Bell sold 4,821 shares of the company’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 $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PR. Teachers Retirement System of The State of Kentucky grew its stake in shares of Permian Resources by 65.4% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 122,900 shares of the company’s stock valued at $1,671,000 after buying an additional 48,600 shares in the last quarter. Fisher Asset Management LLC acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $2,645,000. Vanguard Group Inc. boosted its stake in shares of Permian Resources by 69.7% during the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after acquiring an additional 19,847,358 shares during the period. NBC Securities Inc. increased its holdings in shares of Permian Resources by 3.4% during the 1st quarter. NBC Securities Inc. now owns 39,257 shares of the company’s stock worth $693,000 after acquiring an additional 1,282 shares during the last quarter. Finally, First Hawaiian Bank raised its stake in Permian Resources by 54.5% in the 1st quarter. First Hawaiian Bank now owns 52,247 shares of the company’s stock valued at $923,000 after acquiring an additional 18,433 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.