Permian Resources Co. (NYSE:PR) Receives $18.56 Average Target Price from Brokerages

Shares of Permian Resources Co. (NYSE:PR) have received an average rating of “Moderate Buy” from the sixteen analysts that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $18.56.

A number of analysts recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Susquehanna dropped their price objective on shares of Permian Resources from $20.00 to $19.00 and set a “positive” rating on the stock in a report on Tuesday, April 22nd. Piper Sandler lowered their target price on shares of Permian Resources from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Royal Bank of Canada raised their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday, May 16th. Finally, The Goldman Sachs Group raised their target price on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, May 16th.

Permian Resources Stock Down 1.1%

PR stock opened at $13.16 on Monday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $16.95. The firm’s 50-day simple moving average is $12.36 and its 200 day simple moving average is $13.76. The stock has a market cap of $10.57 billion, a PE ratio of 7.98, a price-to-earnings-growth ratio of 4.05 and a beta of 1.24.

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

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a $0.15 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.56%. Permian Resources’s dividend payout ratio is currently 37.04%.

Hedge Funds Weigh In On Permian Resources

Several hedge funds have recently made changes to their positions in PR. Janney Montgomery Scott LLC grew its stake in shares of Permian Resources by 11.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 28,542 shares of the company’s stock worth $410,000 after purchasing an additional 2,884 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Permian Resources by 28.6% in the 4th quarter. Blue Trust Inc. now owns 4,226 shares of the company’s stock worth $58,000 after purchasing an additional 939 shares during the last quarter. KBC Group NV grew its stake in shares of Permian Resources by 60.7% in the 4th quarter. KBC Group NV now owns 25,072 shares of the company’s stock worth $361,000 after purchasing an additional 9,475 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Permian Resources by 19.8% in the 4th quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock worth $131,710,000 after purchasing an additional 1,511,923 shares during the last quarter. Finally, Trust Point Inc. grew its stake in shares of Permian Resources by 179.5% in the 4th quarter. Trust Point Inc. now owns 44,272 shares of the company’s stock worth $637,000 after purchasing an additional 28,435 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.