Benchmark Cuts Permian Resources (NYSE:PR) Price Target to $14.00

Permian Resources (NYSE:PR) had its target price reduced by Benchmark from $17.00 to $14.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Benchmark currently has a buy rating on the stock.

Several other equities analysts have also recently commented on the company. JPMorgan Chase & Co. reduced their target price on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Mizuho cut their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Piper Sandler lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Finally, Citigroup decreased their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.73.

Permian Resources Stock Performance

Shares of PR opened at $14.03 on Wednesday. Permian Resources has a 52-week low of $12.34 and a 52-week high of $18.28. The stock has a market capitalization of $10.80 billion, a price-to-earnings ratio of 12.75, a price-to-earnings-growth ratio of 0.85 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. The stock’s 50-day simple moving average is $14.06 and its 200 day simple moving average is $15.47.

Permian Resources (NYSE:PR) last posted its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the firm posted $0.27 EPS. Permian Resources’s revenue was up 99.9% on a year-over-year basis. Research analysts forecast that Permian Resources will post 1.48 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.71%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio is 21.82%.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Institutional Trading of Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC bought a new stake in shares of Permian Resources during the 1st quarter valued at about $32,000. Innealta Capital LLC bought a new stake in Permian Resources during the 2nd quarter valued at approximately $30,000. Hexagon Capital Partners LLC grew its holdings in shares of Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after acquiring an additional 1,998 shares during the period. Transcendent Capital Group LLC bought a new position in shares of Permian Resources in the 1st quarter worth approximately $36,000. Finally, Gilliland Jeter Wealth Management LLC purchased a new position in shares of Permian Resources in the 2nd quarter valued at approximately $40,000. Hedge funds and other 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.