Permian Resources (NASDAQ:PR) Price Target Raised to $18.00 at Susquehanna

Permian Resources (NASDAQ:PR) had its price target upped by Susquehanna from $16.00 to $18.00 in a research report report published on Monday, Benzinga reports. They currently have a neutral rating on the stock.

PR has been the topic of a number of other reports. Benchmark upped their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Bank of America began coverage on Permian Resources in a report on Friday, January 5th. They set a neutral rating and a $15.00 price objective on the stock. Royal Bank of Canada reissued an outperform rating and issued a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. JPMorgan Chase & Co. boosted their target price on Permian Resources from $18.00 to $20.00 and gave the stock an overweight rating in a research report on Friday, April 12th. Finally, Wells Fargo & Company raised their price target on Permian Resources from $18.00 to $21.00 and gave the company an overweight rating in a report on Wednesday, April 17th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $19.31.

Permian Resources Stock Up 0.5 %

NASDAQ PR opened at $17.17 on Monday. The stock’s 50 day simple moving average is $16.45 and its 200 day simple moving average is $14.60. Permian Resources has a one year low of $8.94 and a one year high of $18.28. The firm has a market cap of $13.25 billion, a PE ratio of 14.80 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. As a group, sell-side analysts forecast that Permian Resources will post 1.72 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.16%. Permian Resources’s dividend payout ratio is presently 17.24%.

Insiders Place Their Bets

In related news, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the sale, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the sale, the chief accounting officer now owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Company insiders own 23.14% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Permian Resources in the 4th quarter valued at about $353,683,000. Vanguard Group Inc. boosted its position in Permian Resources by 69.7% during the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after purchasing an additional 19,847,358 shares during the last quarter. OnyxPoint Global Management LP bought a new position in Permian Resources in the fourth quarter valued at approximately $114,159,000. Massachusetts Financial Services Co. MA grew its stake in Permian Resources by 96.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after purchasing an additional 6,464,093 shares in the last quarter. Finally, Jennison Associates LLC acquired a new position in shares of Permian Resources during the 3rd quarter worth approximately $76,629,000. 91.84% of the stock is owned by institutional investors.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.