Permian Resources (NASDAQ:PR) Price Target Lowered to $15.00 at Susquehanna

Permian Resources (NASDAQ:PR) had its price objective reduced by Susquehanna from $16.00 to $15.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts also recently issued reports on the stock. Bank of America restated a buy rating and set a $20.00 target price on shares of Permian Resources in a research report on Friday, June 14th. Royal Bank of Canada restated an outperform rating and issued a $20.00 target price on shares of Permian Resources in a research note on Monday, August 12th. Piper Sandler reduced their price target on Permian Resources from $23.00 to $21.00 and set an overweight rating for the company in a research report on Thursday, August 15th. Truist Financial upped their price objective on Permian Resources from $21.00 to $22.00 and gave the stock a buy rating in a research report on Tuesday, July 30th. Finally, BMO Capital Markets raised shares of Permian Resources from a market perform rating to an outperform rating and set a $21.00 target price for the company in a report on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources currently has an average rating of Moderate Buy and an average target price of $19.93.

Permian Resources Price Performance

NASDAQ PR opened at $13.58 on Wednesday. The company has a market cap of $10.90 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 0.77 and a beta of 4.33. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The stock’s fifty day moving average price is $15.19 and its 200 day moving average price is $15.98. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The company’s revenue was up 99.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.27 earnings per share. As a group, equities research analysts forecast that Permian Resources will post 1.63 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s payout ratio is 21.82%.

Hedge Funds Weigh In On Permian Resources

Hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in shares of Permian Resources by 47.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock worth $23,466,000 after purchasing an additional 554,694 shares in the last quarter. Mount Lucas Management LP acquired a new stake in shares of Permian Resources in the fourth quarter valued at about $746,000. DRW Securities LLC purchased a new position in shares of Permian Resources in the fourth quarter worth about $1,904,000. Franklin Resources Inc. lifted its stake in shares of Permian Resources by 74.2% in the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after buying an additional 149,851 shares in the last quarter. Finally, American International Group Inc. boosted its position in Permian Resources by 10.4% during the first quarter. American International Group Inc. now owns 830,432 shares of the company’s stock worth $14,665,000 after acquiring an additional 78,146 shares during 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.