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

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

A number of other analysts have also recently weighed in on PR. Raymond James assumed coverage on Permian Resources in a research report on Tuesday, April 9th. They set a strong-buy rating and a $24.00 price target on the stock. Wells Fargo & Company upped their price target on Permian Resources from $18.00 to $21.00 and gave the stock an overweight rating in a research note on Wednesday, April 17th. Truist Financial lowered their price objective on Permian Resources from $24.00 to $22.00 and set a buy rating on the stock in a research report on Friday, April 5th. Benchmark boosted their target price on Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a report on Tuesday, March 5th. Finally, Piper Sandler increased their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the company an overweight rating in a report on Friday, April 19th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Permian Resources presently has a consensus rating of Moderate Buy and a consensus target price of $19.31.

Permian Resources Stock Up 0.5 %

PR opened at $17.26 on Monday. Permian Resources has a one year low of $8.94 and a one year high of $18.28. The company has a market cap of $13.32 billion, a price-to-earnings ratio of 14.88 and a beta of 4.35. The business’s fifty day moving average is $16.58 and its two-hundred day moving average is $14.65. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52.

Permian Resources (NASDAQ:PR) last released 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. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Analysts anticipate that Permian Resources will post 1.72 EPS for the current fiscal year.

Permian Resources Dividend Announcement

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

Insider Buying and Selling

In related news, Director Robert John Anderson sold 1,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the transaction, the director now owns 476,306 shares in the company, valued at approximately $7,482,767.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Robert John Anderson sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $15,710,000.00. Following the completion of the sale, the director now owns 476,306 shares in the company, valued at approximately $7,482,767.26. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of 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 disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock worth $516,796,999 in the last ninety days. Company insiders own 23.14% of the company’s stock.

Institutional Trading of Permian Resources

Large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC boosted its position 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 purchasing an additional 18,398 shares during the period. Zweig DiMenna Associates LLC boosted its position 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 purchasing an additional 131,500 shares during the period. Comerica Bank boosted its position 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 purchasing an additional 946,019 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in shares of Permian Resources by 7.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company’s stock valued at $42,584,000 after acquiring an additional 210,870 shares during the period. Finally, Raymond James & Associates boosted its position in shares of Permian Resources by 26.1% in the fourth quarter. Raymond James & Associates now owns 634,123 shares of the company’s stock valued at $8,624,000 after acquiring an additional 131,078 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.