Brokerages Set Permian Resources Corporation (NYSE:PR) PT at $24.44

Permian Resources Corporation (NYSE:PR) has been given an average rating of “Buy” by the twenty-two brokerages that are covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation, fourteen have issued a buy recommendation and five have given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $24.4444.

Several research firms recently weighed in on PR. Evercore initiated coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 target price for the company. Roth Capital set a $23.00 target price on shares of Permian Resources and gave the stock a “buy” rating in a research note on Monday, June 22nd. Stifel Nicolaus began coverage on Permian Resources in a report on Thursday, September 10th. They set a “buy” rating and a $30.00 price objective for the company. UBS Group upped their target price on Permian Resources from $24.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, September 14th. Finally, Wall Street Zen upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th.

Insiders Place Their Bets

In other news, EVP Robert Shannon sold 5,104 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the transaction, the executive vice president directly owned 1,346,698 shares of the company’s stock, valued at approximately $31,984,077.50. This trade represents a 0.38% 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 this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of Permian Resources stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the sale, the executive vice president owned 1,561,680 shares of the company’s stock, valued at approximately $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 15,699 shares of company stock worth $372,851 in the last quarter. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Several hedge funds have recently bought and sold shares of PR. Bank of New York Mellon Corp increased its stake in Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after acquiring an additional 13,483,136 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Permian Resources during the first quarter valued at approximately $121,041,000. Westfield Capital Management Co. LP lifted its stake in Permian Resources by 77.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 5,951,186 shares of the company’s stock worth $83,495,000 after purchasing an additional 2,593,470 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Permian Resources by 63.1% in the 1st quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock valued at $132,824,000 after purchasing an additional 2,411,292 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Permian Resources by 66.6% in the 1st quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock valued at $118,636,000 after purchasing an additional 2,224,560 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Price Performance

NYSE PR opened at $21.32 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources has a 12-month low of $11.92 and a 12-month high of $24.65. The company has a market capitalization of $17.86 billion, a PE ratio of 14.12 and a beta of 0.49. The firm’s 50 day moving average is $22.07 and its 200-day moving average is $20.65.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm’s revenue for the quarter was up 55.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.28 earnings per share. Equities research analysts anticipate that Permian Resources will post 2.27 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is currently 42.38%.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.