Permian Resources’ (PR) “Neutral” Rating Reiterated at Bank of America

Bank of America reissued their neutral rating on shares of Permian Resources (NYSE:PR) in a research report report published on Friday morning, Marketbeat reports. They currently have a $16.00 target price on the stock, down from their previous target price of $17.00.

PR has been the topic of several other reports. Wells Fargo & Company cut their price target on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Scotiabank started coverage on Permian Resources in a research note on Friday, September 19th. They set a “sector outperform” rating and a $21.00 target price on the stock. The Goldman Sachs Group increased their price target on Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, November 14th. UBS Group raised their price target on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Permian Resources in a report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average price target of $18.79.

Permian Resources Price Performance

PR opened at $14.39 on Friday. The business has a fifty day moving average of $14.13 and a 200 day moving average of $13.63. The stock has a market cap of $11.93 billion, a P/E ratio of 13.20 and a beta of 0.66. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. Permian Resources has a 52-week low of $10.01 and a 52-week high of $16.03.

Permian Resources (NYSE:PR) last released its quarterly earnings data 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 net margin of 15.65% and a return on equity of 11.03%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the firm earned $0.53 earnings per share. Permian Resources’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.2%. Permian Resources’s payout ratio is presently 55.05%.

Insider Buying and Selling

In other news, CEO William M. Hickey III sold 467,725 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $6,375,091.75. Following the completion of the sale, the chief executive officer directly owned 1,010,136 shares in the company, valued at $13,768,153.68. The trade was a 31.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert Regan Shannon sold 106,405 shares of the company’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 transaction, the executive vice president owned 360,667 shares of the company’s stock, valued at $4,915,891.21. This represents a 22.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 2,210,456 shares of company stock worth $30,231,728 in the last ninety days. 6.44% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

Several large investors have recently bought and sold shares of the business. Nordea Investment Management AB grew its holdings in shares of Permian Resources by 70.1% during the second quarter. Nordea Investment Management AB now owns 490,311 shares of the company’s stock valued at $6,727,000 after buying an additional 202,026 shares during the last quarter. Friedenthal Financial bought a new position in Permian Resources in the 2nd quarter valued at approximately $871,000. American Century Companies Inc. boosted its stake in Permian Resources by 20.3% during the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock valued at $150,409,000 after purchasing an additional 1,863,632 shares during the last quarter. Cresset Asset Management LLC boosted its stake in Permian Resources by 599.2% during the 2nd quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock valued at $2,377,000 after purchasing an additional 149,548 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in shares of Permian Resources by 5.9% in the 2nd quarter. Advisors Asset Management Inc. now owns 325,956 shares of the company’s stock worth $4,440,000 after purchasing an additional 18,081 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.