Permian Resources (NASDAQ:PR) Rating Increased to Buy at UBS Group

UBS Group upgraded shares of Permian Resources (NASDAQ:PR) from a neutral rating to a buy rating in a report released on Friday morning, Benzinga reports. The brokerage currently has $21.00 price objective on the stock, up from their previous price objective of $20.00.

A number of other equities analysts have also recently commented on the stock. Citigroup lifted their target price on shares of Permian Resources from $17.00 to $19.00 and gave the company a buy rating in a report on Friday, March 1st. Raymond James started coverage on shares of Permian Resources in a report on Tuesday, April 9th. They issued a strong-buy rating and a $24.00 target price for the company. Stifel Nicolaus raised their price target on Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a report on Friday, March 22nd. JPMorgan Chase & Co. upped their price objective on Permian Resources from $18.00 to $20.00 and gave the company an overweight rating in a research note on Friday, April 12th. Finally, Susquehanna increased their price objective on Permian Resources from $16.00 to $18.00 and gave the stock a neutral rating in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Permian Resources presently has an average rating of Buy and a consensus target price of $20.31.

Permian Resources Stock Performance

NASDAQ:PR opened at $15.20 on Friday. The firm has a market capitalization of $11.70 billion, a PE ratio of 13.82 and a beta of 4.27. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. The business’s fifty day moving average price is $16.55 and its 200 day moving average price is $15.26. Permian Resources has a 12 month low of $9.79 and a 12 month high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. On average, sell-side analysts anticipate that Permian Resources will post 1.8 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio (DPR) is currently 21.82%.

Insiders Place Their Bets

In related news, Director Jeffrey Tepper sold 65,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the sale, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently bought and sold shares of PR. Principal Financial Group Inc. raised its holdings in shares of Permian Resources by 47.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock worth $23,466,000 after purchasing an additional 554,694 shares during the period. Mount Lucas Management LP purchased a new position in Permian Resources in the fourth quarter valued at approximately $746,000. Tower Research Capital LLC TRC lifted its position in Permian Resources by 317.9% during the third quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock valued at $338,000 after buying an additional 18,398 shares in the last quarter. Franklin Resources Inc. grew its stake in Permian Resources by 74.2% during the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after buying an additional 149,851 shares during the period. Finally, Swiss National Bank increased its position in shares of Permian Resources by 31.1% in the fourth quarter. Swiss National Bank now owns 724,348 shares of the company’s stock worth $9,851,000 after acquiring an additional 171,648 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

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.