Permian Resources (NYSE:PR) Price Target Raised to $16.00

Permian Resources (NYSE:PR) had its price target upped by Bank of America from $15.00 to $16.00 in a research note issued to investors on Friday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on PR. UBS Group raised their target price on Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Raymond James restated a “strong-buy” rating and set a $23.00 price target (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Citigroup lowered Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Susquehanna lowered their price target on Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a research report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. lowered their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.56.

Permian Resources Price Performance

PR stock opened at $12.71 on Friday. The business has a fifty day moving average of $12.55 and a two-hundred day moving average of $13.87. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $10.21 billion, a price-to-earnings ratio of 7.70, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. Permian Resources has a 52-week low of $10.01 and a 52-week high of $16.95.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources’s revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business earned $0.25 EPS. As a group, research analysts anticipate that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.15 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.72%. Permian Resources’s dividend payout ratio (DPR) is presently 37.04%.

Insider Activity at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at $822,525.36. The trade was a 4.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.03, for a total value of $39,340.12. Following the sale, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at $1,044,294.99. This trade represents a 3.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,685 shares of company stock worth $135,687. Company insiders own 6.44% of the company’s stock.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Belpointe Asset Management LLC purchased a new stake in shares of Permian Resources in the 1st quarter valued at about $465,000. Focus Partners Wealth raised its stake in Permian Resources by 1.2% during the 1st quarter. Focus Partners Wealth now owns 254,965 shares of the company’s stock valued at $3,531,000 after acquiring an additional 3,080 shares during the last quarter. Bayforest Capital Ltd raised its stake in Permian Resources by 95.9% during the 1st quarter. Bayforest Capital Ltd now owns 19,921 shares of the company’s stock valued at $276,000 after acquiring an additional 9,751 shares during the last quarter. SCS Capital Management LLC purchased a new stake in Permian Resources during the 1st quarter valued at approximately $1,944,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Permian Resources by 7.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after acquiring an additional 87,105 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Company Profile

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.