Permian Resources (NYSE:PR) Price Target Raised to $22.00

Permian Resources (NYSE:PR) had its price objective raised by The Goldman Sachs Group from $17.00 to $22.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

PR has been the topic of several other reports. Weiss Ratings raised Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. Benchmark downgraded Permian Resources from a “buy” rating to a “hold” rating in a report on Thursday, March 5th. TD Cowen raised Permian Resources to a “strong-buy” rating in a research report on Monday, February 9th. Citigroup upped their price target on shares of Permian Resources from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Finally, Morgan Stanley cut their price objective on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.42.

Permian Resources Price Performance

PR stock opened at $19.34 on Wednesday. The firm has a 50 day moving average price of $16.49 and a 200-day moving average price of $14.58. Permian Resources has a 52-week low of $10.01 and a 52-week high of $19.64. The firm has a market capitalization of $16.04 billion, a price-to-earnings ratio of 15.47 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping 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 company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the business posted $0.36 EPS. The firm’s quarterly revenue was down 9.8% compared to the same quarter last year. Equities research analysts forecast that Permian Resources will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend 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 is 48.00%.

Insiders Place Their Bets

In other news, CEO William M. Hickey III sold 898,423 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $16,513,014.74. Following the transaction, the chief executive officer directly owned 9,389,405 shares of the company’s stock, valued at $172,577,263.90. This represents a 8.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO James H. Walter sold 673,425 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $12,377,551.50. Following the sale, the chief executive officer directly owned 9,389,405 shares in the company, valued at $172,577,263.90. This trade represents a 6.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 4,765,093 shares of company stock worth $77,807,101. 6.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC boosted its holdings in shares of Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after acquiring an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Permian Resources by 18.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after purchasing an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Permian Resources by 7.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after purchasing an additional 87,105 shares during the last quarter. Bank of Montreal Can lifted its position in Permian Resources by 180.1% during the second quarter. Bank of Montreal Can now owns 68,431 shares of the company’s stock valued at $932,000 after purchasing an additional 153,851 shares during the period. Finally, Vestmark Advisory Solutions Inc. bought a new position in Permian Resources during the second quarter valued at approximately $143,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

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.