Permian Resources Corporation (NYSE:PR) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Permian Resources Corporation (NYSE:PR) have been given an average recommendation of “Moderate Buy” by the sixteen analysts that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, twelve have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $18.7857.

A number of equities analysts have weighed in on PR shares. Piper Sandler dropped their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, November 18th. UBS Group lifted their target price on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, December 12th. The Goldman Sachs Group increased their price target on Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Scotiabank assumed coverage on Permian Resources in a report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price target on the stock. Finally, Wall Street Zen upgraded Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th.

Insider Buying and Selling at Permian Resources

In other news, CEO James H. Walter sold 467,700 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the sale, the chief executive officer owned 1,010,138 shares in the company, valued at $13,768,180.94. This trade represents a 31.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Robert Regan Shannon sold 106,405 shares of the business’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the completion of the transaction, the executive vice president directly owned 360,667 shares in the company, valued at $4,915,891.21. This trade represents a 22.78% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 2,210,456 shares of company stock worth $30,231,728. Insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in Permian Resources by 86.8% in the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock worth $326,380,000 after purchasing an additional 11,133,354 shares during the last quarter. Boston Partners bought a new position in Permian Resources during the second quarter valued at $134,119,000. Vanguard Group Inc. grew its stake in shares of Permian Resources by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock worth $914,733,000 after buying an additional 6,705,644 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after buying an additional 6,678,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Permian Resources by 20.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after buying an additional 4,691,280 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Down 0.2%

NYSE PR opened at $14.01 on Tuesday. Permian Resources has a 52 week low of $10.01 and a 52 week high of $16.03. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $11.61 billion, a P/E ratio of 12.85 and a beta of 0.66. The stock’s 50-day moving average price is $13.99 and its 200-day moving average price is $13.61.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the company posted $0.53 earnings per share. The company’s revenue was up 8.7% compared to the same quarter last year. On average, equities research analysts predict that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.3%. The ex-dividend date was Wednesday, December 17th. Permian Resources’s dividend payout ratio is presently 55.05%.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.