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

Shares of Permian Resources Corporation (NYSE:PR) have been given a consensus recommendation of “Moderate Buy” by the eighteen analysts that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, twelve have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $18.9231.

A number of analysts have issued reports on the stock. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Wells Fargo & Company raised their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, January 27th. Raymond James Financial reiterated a “strong-buy” rating and issued a $21.00 target price on shares of Permian Resources in a research note on Thursday, February 26th. Piper Sandler dropped their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 18th. Finally, UBS Group raised their target price on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, December 12th.

Insider Activity

In other Permian Resources news, CEO James H. Walter sold 467,700 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,010,138 shares in the company, valued at $13,768,180.94. This represents a 31.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Charles Bell sold 106,399 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the transaction, the executive vice president directly owned 376,442 shares in the company, valued at $5,130,904.46. This trade represents a 22.04% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 2,210,456 shares of company stock valued at $30,231,728. Company insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Hedge funds have recently modified their holdings of the business. Fearnley Asset Management AS bought a new position in shares of Permian Resources during the fourth quarter valued at approximately $7,175,000. Virtu Financial LLC bought a new position in Permian Resources in the fourth quarter worth approximately $389,000. Dean Capital Management raised its stake in Permian Resources by 3.2% in the fourth quarter. Dean Capital Management now owns 139,966 shares of the company’s stock worth $1,964,000 after buying an additional 4,320 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Permian Resources by 3.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 9,092,438 shares of the company’s stock worth $127,567,000 after buying an additional 341,674 shares during the period. Finally, Invesco Ltd. lifted its holdings in Permian Resources by 14.4% during the fourth quarter. Invesco Ltd. now owns 6,253,967 shares of the company’s stock worth $87,743,000 after buying an additional 785,890 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Down 2.4%

PR opened at $18.34 on Wednesday. The stock has a market cap of $15.21 billion, a price-to-earnings ratio of 14.67 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The firm’s fifty day moving average is $15.70 and its 200 day moving average is $14.28. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $19.38.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The business’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period last year, the firm earned $0.36 earnings per share. On average, sell-side analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio is currently 48.00%.

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.