Permian Resources (NYSE:PR) Price Target Lowered to $24.00 at Citigroup

Permian Resources (NYSE:PR) had its target price reduced by Citigroup from $26.00 to $24.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also recently weighed in on PR. TD Cowen lifted their price target 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. Morgan Stanley dropped their target price on shares of Permian Resources from $25.00 to $24.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Weiss Ratings lowered shares of Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, May 12th. Evercore initiated coverage on shares of Permian Resources in a research report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price target on the stock. Finally, Scotiabank increased their price target on shares of Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 22nd. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Permian Resources presently has an average rating of “Buy” and a consensus target price of $23.24.

Permian Resources Stock Performance

NYSE:PR opened at $19.62 on Wednesday. The business has a 50 day moving average of $19.44 and a 200 day moving average of $18.48. The company has a market capitalization of $16.43 billion, a price-to-earnings ratio of 22.82 and a beta of 0.46. Permian Resources has a 1-year low of $11.92 and a 1-year high of $22.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $1.39 billion during 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% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 earnings per share. On average, sell-side analysts predict that Permian Resources will post 1.89 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is presently 74.42%.

Insider Transactions at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC increased its holdings in shares of Permian Resources by 17.7% during the second quarter. GAMMA Investing LLC now owns 19,742 shares of the company’s stock valued at $363,000 after acquiring an additional 2,972 shares in the last quarter. CoreCap Advisors LLC raised its position in shares of Permian Resources by 22.1% in the 2nd quarter. CoreCap Advisors LLC now owns 19,367 shares of the company’s stock worth $357,000 after purchasing an additional 3,508 shares during the last quarter. Parallel Advisors LLC boosted its stake in Permian Resources by 10.1% in the 1st quarter. Parallel Advisors LLC now owns 12,153 shares of the company’s stock worth $259,000 after purchasing an additional 1,110 shares in the last quarter. Essential Partners LLC grew its position in Permian Resources by 4,400.0% during the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after purchasing an additional 3,168 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Permian Resources by 19.4% during 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 purchasing an additional 481,917 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.