Permian Resources Co. (NASDAQ:PR) Receives Average Rating of “Moderate Buy” from Analysts

Permian Resources Co. (NASDAQ:PRGet Free Report) has been given an average recommendation of “Moderate Buy” by the twelve research firms that are covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $18.18.

Several analysts have recently weighed in on the stock. Benchmark boosted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Bank of America began coverage on Permian Resources in a report on Friday, January 5th. They set a “neutral” rating and a $15.00 price objective on the stock. Citigroup boosted their target price on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, March 1st. Piper Sandler lifted their price target on Permian Resources from $17.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, March 7th. Finally, Stifel Nicolaus increased their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 22nd.

Check Out Our Latest Stock Report on Permian Resources

Permian Resources Stock Performance

Shares of PR stock opened at $17.53 on Wednesday. Permian Resources has a 12 month low of $8.94 and a 12 month high of $17.83. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The company has a market cap of $13.53 billion, a P/E ratio of 15.11 and a beta of 4.35. The firm has a fifty day moving average price of $15.26 and a 200 day moving average price of $14.18.

Permian Resources (NASDAQ:PRGet Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Sell-side analysts predict that Permian Resources will post 1.5 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Tuesday, March 12th. Permian Resources’s payout ratio is 17.24%.

Insider Transactions at Permian Resources

In other news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO William M. Hickey III sold 4,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $62,840,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock worth $516,796,999 over the last ninety days. 23.14% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

Large investors have recently bought and sold shares of the company. Parallel Advisors LLC raised its holdings in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after acquiring an additional 1,178 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Permian Resources in the 4th quarter valued at about $33,000. Chilton Capital Management LLC lifted its holdings in Permian Resources by 50.0% in the 2nd quarter. Chilton Capital Management LLC now owns 3,000 shares of the company’s stock valued at $33,000 after purchasing an additional 1,000 shares in the last quarter. Quarry LP acquired a new stake in shares of Permian Resources during the 1st quarter worth about $33,000. Finally, GAMMA Investing LLC purchased a new stake in shares of Permian Resources during the fourth quarter worth about $43,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

About Permian Resources

(Get Free Report

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.

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Analyst Recommendations for Permian Resources (NASDAQ:PR)

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