Permian Resources Corporation (NYSE:PR) Stock Has Average Target Price of $25.56 According to Analysts

Shares of Permian Resources Corporation (NYSE:PR) have been assigned an average recommendation of “Buy” from the twenty-two brokerages that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and five have assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $25.72.

Several research firms recently weighed in on PR. Evercore started coverage on Permian Resources in a research note on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 target price for the company. KeyCorp increased their price target on shares of Permian Resources from $25.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, September 15th. Scotiabank started coverage on shares of Permian Resources in a research note on Wednesday, October 14th. They issued a “sector outperform” rating and a $29.00 price target on the stock. Roth Capital set a $23.00 price objective on shares of Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $29.00 price objective on shares of Permian Resources in a report on Thursday, August 27th.

Permian Resources Stock Up 1.0%

Shares of NYSE PR opened at $24.84 on Thursday. The business has a 50-day moving average of $22.86 and a two-hundred day moving average of $21.01. The company has a market capitalization of $20.80 billion, a price-to-earnings ratio of 16.45 and a beta of 0.66. Permian Resources has a 1 year low of $12.06 and a 1 year high of $24.92. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the business posted $0.28 EPS. The business’s revenue for the quarter was up 55.1% on a year-over-year basis. On average, analysts forecast that Permian Resources will post 2.37 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Wednesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is 42.38%.

Insider Activity at Permian Resources

In related news, EVP Robert Shannon sold 5,104 shares of Permian Resources stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the sale, the executive vice president directly owned 1,346,698 shares in the company, valued at $31,984,077.50. This trade represents a 0.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy Oliphint sold 5,103 shares of Permian Resources stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the sale, the executive vice president owned 537,400 shares in the company, valued at $12,763,250. This represents a 0.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 15,699 shares of company stock valued at $372,851 in the last ninety days. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several large investors have recently bought and sold shares of PR. SHP Wealth Management acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $27,000. SJS Investment Consulting Inc. boosted its holdings in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after acquiring an additional 1,341 shares in the last quarter. Cedar Mountain Advisors LLC acquired a new position in shares of Permian Resources during the first quarter worth about $48,000. Essential Partners LLC increased its stake in shares of Permian Resources by 4,400.0% during the first quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock worth $69,000 after acquiring an additional 3,168 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Permian Resources during the first quarter worth about $72,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.