Permian Resources Corporation (NYSE:PR) Receives $18.92 Average PT from Analysts

Shares of Permian Resources Corporation (NYSE:PR) have been given a consensus rating of “Moderate Buy” by the eighteen brokerages that are presently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $19.6923.

Several equities analysts have commented on PR shares. Mizuho raised their price objective on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Wells Fargo & Company lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, January 27th. Weiss Ratings raised Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday. Bank of America restated a “neutral” rating and issued a $16.00 price target (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Finally, UBS Group raised their price objective on Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, March 5th.

Permian Resources Stock Performance

Permian Resources stock opened at $18.73 on Wednesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. The firm has a market cap of $15.53 billion, a P/E ratio of 14.98 and a beta of 0.66. Permian Resources has a 1-year low of $10.01 and a 1-year high of $19.43. The firm has a 50-day moving average of $16.19 and a 200-day moving average of $14.47.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the firm earned $0.36 earnings per share. The business’s revenue was down 9.8% compared to the same quarter last year. Sell-side analysts expect that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio (DPR) is presently 48.00%.

Insider Activity

In related news, EVP Robert Regan Shannon sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.28, for a total value of $91,400.00. Following the transaction, the executive vice president directly owned 1,351,802 shares of the company’s stock, valued at approximately $24,710,940.56. This represents a 0.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP John Charles Bell sold 158,385 shares of Permian Resources stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total value of $2,912,700.15. Following the completion of the sale, the executive vice president directly owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. The trade was a 9.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 3,965,093 shares of company stock valued at $62,487,101. Company insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Farther Finance Advisors LLC increased its position in shares of Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after purchasing an additional 1,047 shares during the last quarter. SHP Wealth Management bought a new stake in shares of Permian Resources during the 4th quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after purchasing an additional 1,391 shares during the period. Parkside Financial Bank & Trust increased its position in Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after buying an additional 1,357 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in shares of Permian Resources during the 4th quarter valued at approximately $39,000. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.