Analysts Set Permian Resources Co. (NYSE:PR) Price Target at $18.87

Shares of Permian Resources Co. (NYSE:PR) have been assigned an average recommendation of “Moderate Buy” from the sixteen research firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $18.87.

A number of brokerages have recently weighed in on PR. JPMorgan Chase & Co. dropped their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Piper Sandler dropped their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Wells Fargo & Company reduced their price target on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Finally, UBS Group reduced their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th.

Permian Resources Stock Up 0.3 %

PR stock opened at $14.99 on Friday. The firm has a market cap of $12.04 billion, a price-to-earnings ratio of 9.08, a PEG ratio of 0.88 and a beta of 4.32. Permian Resources has a 1-year low of $12.59 and a 1-year high of $18.28. The firm has a fifty day moving average price of $14.71 and a two-hundred day moving average price of $14.66. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The company’s revenue for the quarter was up 60.3% compared to the same quarter last year. Research analysts predict that Permian Resources will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 4.00%. Permian Resources’s payout ratio is 36.36%.

Insider Activity

In related news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. boosted its position in shares of Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after buying an additional 800 shares during the period. Avior Wealth Management LLC boosted its position in Permian Resources by 0.9% during the 3rd quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock worth $1,560,000 after acquiring an additional 1,007 shares during the period. Meiji Yasuda Asset Management Co Ltd. grew its stake in Permian Resources by 9.7% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,939 shares of the company’s stock valued at $209,000 after acquiring an additional 1,147 shares in the last quarter. Icon Wealth Advisors LLC increased its holdings in shares of Permian Resources by 1.0% in the 3rd quarter. Icon Wealth Advisors LLC now owns 130,880 shares of the company’s stock valued at $1,781,000 after purchasing an additional 1,349 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. lifted its position in shares of Permian Resources by 0.7% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 184,475 shares of the company’s stock worth $2,511,000 after purchasing an additional 1,370 shares in the last quarter. Institutional investors and hedge funds 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.