Permian Resources Co. (NASDAQ:PR) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Permian Resources Co. (NASDAQ:PR) has been assigned a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $19.31.

Several analysts have issued reports on PR shares. JPMorgan Chase & Co. increased their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, April 12th. Benchmark reiterated a “buy” rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Tuesday, April 23rd. Royal Bank of Canada restated an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Friday, April 12th. Wells Fargo & Company raised their price target on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Finally, Bank of America initiated coverage on Permian Resources in a report on Friday, January 5th. They set a “neutral” rating and a $15.00 price objective for the company.

Permian Resources Stock Up 0.3 %

PR stock opened at $17.38 on Friday. Permian Resources has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The stock has a fifty day moving average of $16.69 and a 200-day moving average of $14.70. The company has a market capitalization of $13.41 billion, a price-to-earnings ratio of 14.98 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. As a group, equities research analysts predict that Permian Resources will post 1.66 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Tuesday, March 12th. Permian Resources’s dividend payout ratio is currently 17.24%.

Insider Activity

In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total transaction of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock valued at $516,796,999 in the last ninety days. 23.14% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PR. Azzad Asset Management Inc. ADV raised its position in shares of Permian Resources by 2.0% during the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock valued at $677,000 after buying an additional 740 shares during the last quarter. Arizona State Retirement System lifted its position in Permian Resources by 1.5% in the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock worth $999,000 after buying an additional 1,041 shares during the last quarter. Truist Financial Corp boosted its stake in Permian Resources by 9.4% during the fourth quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after buying an additional 1,086 shares during the period. Parallel Advisors LLC increased its position in Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after acquiring an additional 1,178 shares during the last quarter. Finally, Navellier & Associates Inc. raised its stake in shares of Permian Resources by 11.3% in the fourth quarter. Navellier & Associates Inc. now owns 11,688 shares of the company’s stock valued at $159,000 after acquiring an additional 1,187 shares during the period. 91.84% of the stock is 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.