Analysts Set Permian Resources Corporation (NYSE:PR) Target Price at $23.29

Shares of Permian Resources Corporation (NYSE:PR) have earned an average recommendation of “Buy” from the twenty-two brokerages that are covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and four have assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $23.2941.

PR has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Permian Resources from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Monday, June 29th. KeyCorp began coverage on shares of Permian Resources in a research note on Tuesday, April 7th. They set an “overweight” rating and a $25.00 target price for the company. Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a report on Monday, May 25th. Citigroup cut their price target on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Finally, Scotiabank increased their price target on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd.

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the sale, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock worth $1,057,930,000 after purchasing an additional 3,941,318 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Permian Resources by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after purchasing an additional 4,533,732 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares in the last quarter. State Street Corp grew its stake in shares of Permian Resources by 2.0% in the 4th quarter. State Street Corp now owns 23,553,393 shares of the company’s stock valued at $330,454,000 after buying an additional 460,158 shares during the period. Finally, Boston Partners grew its stake in shares of Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after buying an additional 7,503,654 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of PR opened at $20.86 on Friday. Permian Resources has a 1 year low of $11.92 and a 1 year high of $22.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market capitalization of $17.46 billion, a price-to-earnings ratio of 24.25 and a beta of 0.47. The business has a 50-day moving average of $19.50 and a 200-day moving average of $19.09.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations 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 business posted $0.44 earnings per share. As a group, equities research analysts anticipate that Permian Resources will post 1.94 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.16 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.1%. Permian Resources’s dividend payout ratio is presently 74.42%.

About Permian Resources

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.