Brokerages Set Permian Resources Corporation (NYSE:PR) PT at $18.80

Shares of Permian Resources Corporation (NYSE:PR) have earned an average recommendation of “Moderate Buy” from the seventeen research firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, thirteen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $18.80.

Several brokerages recently weighed in on PR. Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a research report on Monday. William Blair began coverage on Permian Resources in a report on Monday, August 25th. They set an “outperform” rating for the company. Scotiabank started coverage on shares of Permian Resources in a report on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 price objective on the stock. UBS Group increased their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Finally, Wells Fargo & Company reduced their price target on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th.

Permian Resources Stock Up 1.8%

NYSE PR opened at $14.36 on Monday. The business’s fifty day simple moving average is $13.00 and its 200-day simple moving average is $13.47. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The firm has a market cap of $11.91 billion, a PE ratio of 13.17 and a beta of 1.31. Permian Resources has a 52 week low of $10.01 and a 52 week high of $16.03.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the business posted $0.53 earnings per share. Permian Resources’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, equities analysts anticipate that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Wednesday, December 17th. Permian Resources’s dividend payout ratio (DPR) is currently 55.05%.

Insider Buying and Selling at Permian Resources

In other news, EVP John Charles Bell sold 4,743 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the sale, the executive vice president owned 107,569 shares of the company’s stock, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the transaction, the executive vice president directly owned 91,805 shares of the company’s stock, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.44% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

A number of large investors have recently made changes to their positions in the company. Private Advisor Group LLC lifted its stake in Permian Resources by 53.7% in the first quarter. Private Advisor Group LLC now owns 24,527 shares of the company’s stock worth $340,000 after acquiring an additional 8,572 shares during the last quarter. Allianz Asset Management GmbH purchased a new stake in shares of Permian Resources during the 1st quarter worth $143,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Permian Resources during the first quarter worth $5,631,000. KLP Kapitalforvaltning AS increased its holdings in Permian Resources by 3.1% in the first quarter. KLP Kapitalforvaltning AS now owns 124,484 shares of the company’s stock valued at $1,724,000 after buying an additional 3,700 shares during the last quarter. Finally, Avantax Advisory Services Inc. raised its stake in Permian Resources by 2.8% in the first quarter. Avantax Advisory Services Inc. now owns 141,451 shares of the company’s stock valued at $1,959,000 after buying an additional 3,843 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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.