Permian Resources Co. (NASDAQ:PR) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Permian Resources Co. (NASDAQ:PR) have been given a consensus recommendation of “Moderate Buy” by the fourteen ratings firms that are covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $19.38.

A number of analysts have recently weighed in on PR shares. Truist Financial upped their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Susquehanna upped their price target on shares of Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, April 22nd. Stifel Nicolaus upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Wells Fargo & Company upped their price target on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Finally, Piper Sandler upped their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $15.69 on Thursday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of 14.26 and a beta of 4.32. Permian Resources has a twelve month low of $9.11 and a twelve month high of $18.28. The company has a 50-day simple moving average of $17.15 and a two-hundred day simple moving average of $14.94.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. Analysts forecast that Permian Resources will post 1.81 EPS for the current year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st will be given a dividend of $0.06 per share. The ex-dividend date is Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a dividend yield of 1.53%. Permian Resources’s dividend payout ratio is 21.82%.

Insider Transactions at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $15.71, for a total value of $283,987,297.79. Following the transaction, the director now directly owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Brent P. Jensen sold 50,000 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $15.18, for a total value of $759,000.00. Following the completion of the sale, the chief accounting officer now owns 882,325 shares in the company, valued at $13,393,693.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the sale, the director now owns 71,056,620 shares of the company’s stock, valued at approximately $1,116,299,500.20. The disclosure for this sale can be found here. Insiders sold a total of 32,691,849 shares of company stock worth $513,608,598 over the last three months. 12.80% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Azzad Asset Management Inc. ADV increased its holdings in Permian Resources by 2.0% during the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock worth $677,000 after buying an additional 740 shares during the last quarter. Mount Yale Investment Advisors LLC increased its holdings in Permian Resources by 3.1% during the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after buying an additional 781 shares during the last quarter. Chilton Capital Management LLC increased its stake in shares of Permian Resources by 4.6% in the first quarter. Chilton Capital Management LLC now owns 22,868 shares of the company’s stock worth $404,000 after purchasing an additional 1,000 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Permian Resources by 1.5% in the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock worth $999,000 after purchasing an additional 1,041 shares in the last quarter. Finally, Truist Financial Corp increased its stake in shares of Permian Resources by 9.4% in the fourth quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after purchasing an additional 1,086 shares in the last quarter. 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.