Brokerages Set Permian Resources Corporation (NYSE:PR) PT at $23.53

Shares of Permian Resources Corporation (NYSE:PR) have received an average recommendation of “Buy” from the twenty-two ratings firms that are presently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $23.5294.

A number of equities analysts recently issued reports on PR shares. Roth Capital set a $23.00 price objective on Permian Resources and gave the company a “buy” rating in a report on Monday, June 22nd. Raymond James Financial lowered their price target on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a report on Wednesday, June 17th. Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a research report on Monday, May 25th. BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. Finally, Mizuho lifted their target price on Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th.

Insider Buying and Selling

In related news, 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 transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Horizon Investments LLC grew its holdings in Permian Resources by 80.8% during the 4th quarter. Horizon Investments LLC now owns 420,448 shares of the company’s stock worth $5,899,000 after acquiring an additional 187,903 shares in the last quarter. UBS Group AG lifted its position in shares of Permian Resources by 39.5% during the 4th quarter. UBS Group AG now owns 6,560,632 shares of the company’s stock worth $92,046,000 after purchasing an additional 1,858,992 shares during the last quarter. Jennison Associates LLC lifted its position in shares of Permian Resources by 2.8% during the 4th quarter. Jennison Associates LLC now owns 3,818,742 shares of the company’s stock worth $53,577,000 after purchasing an additional 105,396 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of Permian Resources by 55.2% during the fourth quarter. HighTower Advisors LLC now owns 259,403 shares of the company’s stock worth $3,639,000 after purchasing an additional 92,309 shares in the last quarter. Finally, King Luther Capital Management Corp grew its stake in shares of Permian Resources by 2.8% during the fourth quarter. King Luther Capital Management Corp now owns 5,422,559 shares of the company’s stock worth $76,079,000 after purchasing an additional 146,836 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE:PR traded up $0.04 during midday trading on Tuesday, reaching $19.11. 5,264,404 shares of the company were exchanged, compared to its average volume of 11,307,594. The stock has a market cap of $16.00 billion, a PE ratio of 22.22 and a beta of 0.46. The business’s fifty day moving average is $19.56 and its two-hundred day moving average is $18.33. Permian Resources has a one year low of $11.92 and a one 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.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company earned $0.44 earnings per share. As a group, analysts predict that Permian Resources will post 1.95 earnings per share for the current year.

Permian Resources Announces Dividend

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

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.