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

Shares of Permian Resources Corporation (NYSE:PR) have been assigned a consensus rating of “Moderate Buy” from the twenty-one ratings firms that are covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $22.6875.

A number of equities research analysts recently weighed in on PR shares. Citigroup raised their price target on Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, March 31st. Piper Sandler raised their price target on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, March 12th. Weiss Ratings cut Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 12th. Scotiabank raised their price target on Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a report on Wednesday, April 22nd. Finally, The Goldman Sachs Group raised their price target on Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, March 11th.

Permian Resources Trading Down 2.5%

Shares of PR opened at $19.25 on Friday. Permian Resources has a 1 year low of $11.92 and a 1 year high of $22.67. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The stock has a 50 day simple moving average of $20.34 and a 200-day simple moving average of $17.72. The stock has a market cap of $16.11 billion, a PE ratio of 22.38 and a beta of 0.48.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the firm posted $0.44 EPS. Permian Resources’s quarterly revenue was up .9% compared to the same quarter last year. On average, sell-side analysts predict that Permian Resources will post 2.01 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors 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 3.3%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is currently 74.42%.

Insider Activity at Permian Resources

In related news, Director Aron Marquez sold 7,750 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total transaction of $152,055.00. Following the completion of the sale, the director directly owned 72,218 shares of the company’s stock, valued at $1,416,917.16. This trade represents a 9.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 588,198 shares of company stock valued at $11,576,280 in the last three months. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC increased its stake in shares of Permian Resources by 10.1% in the 1st quarter. Parallel Advisors LLC now owns 12,153 shares of the company’s stock valued at $259,000 after buying an additional 1,110 shares during the period. Essential Partners LLC increased its stake in shares of Permian Resources by 4,400.0% in the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after buying an additional 3,168 shares during the period. Bank of America Corp DE increased its stake in shares of Permian Resources by 19.4% in the 1st quarter. Bank of America Corp DE now owns 2,971,238 shares of the company’s stock valued at $63,347,000 after buying an additional 481,917 shares during the period. Bull Harbor Capital LLC acquired a new stake in shares of Permian Resources in the 1st quarter valued at $220,000. Finally, Arkadios Wealth Advisors increased its stake in shares of Permian Resources by 38.0% in the 1st quarter. Arkadios Wealth Advisors now owns 22,570 shares of the company’s stock valued at $481,000 after buying an additional 6,218 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

About Permian Resources

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.