Permian Resources’ (PR) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Permian Resources (NASDAQ:PR) in a research note published on Monday morning, Benzinga reports. Royal Bank of Canada currently has a $20.00 price objective on the stock.

Other equities research analysts also recently issued reports about the company. BMO Capital Markets upgraded Permian Resources from a market perform rating to an outperform rating and set a $21.00 price target for the company in a research note on Wednesday, July 3rd. Truist Financial boosted their price target on Permian Resources from $21.00 to $22.00 and gave the company a buy rating in a research note on Tuesday, July 30th. Wolfe Research initiated coverage on Permian Resources in a research note on Thursday, July 18th. They set a peer perform rating for the company. UBS Group cut their price target on Permian Resources from $21.00 to $19.00 and set a buy rating for the company in a research note on Friday. Finally, Susquehanna cut their price target on Permian Resources from $18.00 to $16.00 and set a neutral rating for the company in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $20.14.

Permian Resources Stock Down 2.1 %

Shares of NASDAQ:PR traded down $0.31 on Monday, hitting $14.65. 803,303 shares of the company traded hands, compared to its average volume of 10,237,689. Permian Resources has a 52 week low of $12.10 and a 52 week high of $18.28. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock has a 50 day simple moving average of $15.55 and a 200-day simple moving average of $15.91. The company has a market cap of $11.28 billion, a PE ratio of 9.61, a PEG ratio of 0.57 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period last year, the company earned $0.27 earnings per share. The company’s revenue was up 99.9% on a year-over-year basis. As a group, research analysts expect that Permian Resources will post 1.71 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Monday, August 19th. Permian Resources’s dividend payout ratio is currently 21.82%.

Insider Activity

In other news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the transaction, the director now owns 158,665 shares of the company’s stock, valued at approximately $2,605,279.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new stake in shares of Permian Resources in the 1st quarter worth $25,000. YHB Investment Advisors Inc. purchased a new stake in shares of Permian Resources during the 1st quarter worth $26,000. Parallel Advisors LLC lifted its stake in shares of Permian Resources by 117.0% during 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 during the last quarter. Innealta Capital LLC purchased a new stake in shares of Permian Resources during the 2nd quarter worth $30,000. Finally, Rise Advisors LLC purchased a new stake in shares of Permian Resources during the 1st quarter worth $32,000. 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.