Piper Sandler Raises Permian Resources (NASDAQ:PR) Price Target to $23.00

Permian Resources (NASDAQ:PR) had its price objective lifted by Piper Sandler from $22.00 to $23.00 in a research report released on Friday, Benzinga reports. The firm currently has an overweight rating on the stock.

PR has been the subject of several other reports. Raymond James started coverage on Permian Resources in a research report on Tuesday, April 9th. They issued a strong-buy rating and a $24.00 target price for the company. Royal Bank of Canada reiterated an outperform rating and issued a $17.00 target price on shares of Permian Resources in a research report on Friday, April 12th. JPMorgan Chase & Co. increased their price target on Permian Resources from $18.00 to $20.00 and gave the company an overweight rating in a research note on Friday, April 12th. Truist Financial decreased their price target on Permian Resources from $24.00 to $22.00 and set a buy rating for the company in a research note on Friday, April 5th. Finally, Stifel Nicolaus increased their price target on Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a research note on Friday, March 22nd. Three investment 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 data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $19.31.

Permian Resources Price Performance

Permian Resources stock opened at $17.17 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $13.25 billion, a PE ratio of 14.80 and a beta of 4.35. Permian Resources has a 12 month low of $8.94 and a 12 month high of $18.28. The stock has a 50-day moving average price of $16.45 and a two-hundred day moving average price of $14.60.

Permian Resources (NASDAQ:PR) last posted its earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Analysts expect that Permian Resources will post 1.72 EPS for the current year.

Permian Resources Announces Dividend

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

Insiders Place Their Bets

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the 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 transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the 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 transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Brent P. Jensen sold 1,853 shares of the firm’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 transaction, 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. Over the last quarter, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Corporate insiders own 23.14% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PR. Tower Research Capital LLC TRC lifted its holdings in Permian Resources by 317.9% during the third quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after acquiring an additional 18,398 shares during the period. Zweig DiMenna Associates LLC lifted its holdings in Permian Resources by 35.6% during the third quarter. Zweig DiMenna Associates LLC now owns 501,300 shares of the company’s stock worth $6,998,000 after acquiring an additional 131,500 shares during the period. Comerica Bank lifted its holdings in Permian Resources by 110,645.5% during the third quarter. Comerica Bank now owns 946,874 shares of the company’s stock worth $13,218,000 after acquiring an additional 946,019 shares during the period. Vaughan Nelson Investment Management L.P. lifted its holdings in Permian Resources by 7.2% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company’s stock worth $42,584,000 after acquiring an additional 210,870 shares during the period. Finally, Raymond James & Associates lifted its holdings in Permian Resources by 26.1% during the fourth quarter. Raymond James & Associates now owns 634,123 shares of the company’s stock worth $8,624,000 after acquiring an additional 131,078 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

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.