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

Permian Resources Co. (NYSE:PR) has been assigned an average recommendation of “Moderate Buy” from the sixteen brokerages that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $18.87.

Several research firms have recently commented on PR. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. Benchmark decreased their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. The Goldman Sachs Group began coverage on Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 price objective for the company. Truist Financial upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Wells Fargo & Company dropped their price target on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $14.95 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The business’s 50 day moving average price is $14.76 and its 200 day moving average price is $14.67. The company has a market cap of $12.01 billion, a price-to-earnings ratio of 9.06, a PEG ratio of 0.88 and a beta of 4.32. Permian Resources has a one year low of $12.59 and a one year high of $18.28.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company posted $0.36 EPS. The company’s revenue was up 60.3% compared to the same quarter last year. On average, research analysts predict that Permian Resources will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.01%. Permian Resources’s payout ratio is currently 36.36%.

Insider Activity at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 12.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PR. Hexagon Capital Partners LLC raised its stake in Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after acquiring an additional 1,998 shares in the last quarter. UMB Bank n.a. increased its position in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after purchasing an additional 1,390 shares in the last quarter. Sunbelt Securities Inc. lifted its holdings in shares of Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after purchasing an additional 800 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after purchasing an additional 2,629 shares during the period. Finally, National Bank of Canada FI purchased a new position in Permian Resources during the 3rd quarter worth approximately $45,000. 91.84% of the stock is owned by institutional investors and hedge funds.

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.