Permian Resources (NYSE:PR) Now Covered by Analysts at The Goldman Sachs Group

The Goldman Sachs Group began coverage on shares of Permian Resources (NYSE:PR) in a research note published on Monday morning, MarketBeat reports. The firm issued a buy rating and a $19.00 target price on the stock.

Several other research analysts have also commented on PR. Benchmark reiterated a buy rating and issued a $17.00 price target on shares of Permian Resources in a research report on Wednesday, August 7th. Wolfe Research initiated coverage on Permian Resources in a report on Thursday, July 18th. They issued a peer perform rating for the company. Royal Bank of Canada restated an outperform rating and set a $20.00 price target on shares of Permian Resources in a report on Monday, August 12th. Piper Sandler dropped their price objective on shares of Permian Resources from $23.00 to $21.00 and set an overweight rating for the company in a research note on Thursday, August 15th. Finally, Truist Financial boosted their price objective on shares of Permian Resources from $21.00 to $22.00 and gave the company a buy rating in a research report on Tuesday, July 30th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $19.20.

Permian Resources Stock Performance

NYSE:PR opened at $14.34 on Monday. The company has a market cap of $11.04 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 0.78 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 $14.14 and its two-hundred day simple moving average is $15.71. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping 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 company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the previous year, the business posted $0.27 earnings per share. Permian Resources’s quarterly revenue was up 99.9% on a year-over-year basis. As a group, equities analysts anticipate that Permian Resources will post 1.53 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Insider Transactions at Permian Resources

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

Hedge Funds Weigh In On Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. YHB Investment Advisors Inc. bought a new stake in shares of Permian Resources in the 1st quarter valued at about $26,000. Rise Advisors LLC acquired a new stake in Permian Resources in the first quarter valued at approximately $32,000. Innealta Capital LLC acquired a new position in shares of Permian Resources during the second quarter worth $30,000. Transcendent Capital Group LLC purchased a new stake in shares of Permian Resources during the 1st quarter valued at $36,000. Finally, Parallel Advisors LLC boosted its position in shares of Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after purchasing an additional 1,178 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.