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

Shares of Permian Resources Corporation (NYSE:PR) have received a consensus rating of “Buy” from the twenty-one ratings firms that are covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and four have issued a strong buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $22.3750.

A number of research analysts recently weighed in on the stock. UBS Group increased their price objective on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a report on Friday, March 27th. TD Cowen upped their target price on shares of Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $21.00 target price on shares of Permian Resources in a report on Thursday, February 26th. Finally, KeyCorp started coverage on shares of Permian Resources in a report on Tuesday, April 7th. They set an “overweight” rating and a $25.00 target price for the company.

Permian Resources Stock Up 0.0%

Shares of Permian Resources stock opened at $20.84 on Monday. The company has a market cap of $17.45 billion, a price-to-earnings ratio of 24.23 and a beta of 0.52. The company’s 50 day moving average is $20.35 and its 200 day moving average is $16.81. Permian Resources has a twelve month low of $11.92 and a twelve month high of $22.67. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Research analysts anticipate that Permian Resources will post 1.98 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources’s dividend payout ratio is currently 74.42%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CEO James H. Walter sold 673,425 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the completion of the sale, the chief executive officer directly owned 9,389,405 shares of the company’s stock, valued at approximately $172,577,263.90. This represents a 6.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Quinn sold 512,429 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the sale, the director directly owned 6,914,410 shares of the company’s stock, valued at approximately $135,453,291.90. This represents a 6.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,130,066 shares of company stock valued at $58,837,655 in the last quarter. Insiders own 5.00% of the company’s stock.

Institutional Trading of Permian Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock worth $1,057,930,000 after purchasing an additional 3,941,318 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Permian Resources by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after purchasing an additional 4,533,732 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares in the last quarter. State Street Corp increased its stake in shares of Permian Resources by 2.0% in the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after purchasing an additional 460,158 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Permian Resources by 8.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock worth $236,207,000 after purchasing an additional 1,421,059 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.