Brokerages Set Permian Resources Corporation (NYSE:PR) Price Target at $22.38

Shares of Permian Resources Corporation (NYSE:PR) have received an average rating of “Buy” from the twenty-one analysts that are currently covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and four have issued a strong buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $22.3750.

A number of research analysts recently issued reports on the stock. KeyCorp assumed coverage on shares of Permian Resources in a research report on Tuesday, April 7th. They set an “overweight” rating and a $25.00 target price for the company. Truist Financial boosted their target price on shares of Permian Resources from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. BMO Capital Markets upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 7th. Roth Mkm restated a “neutral” rating and set a $22.00 target price (up from $20.00) on shares of Permian Resources in a research report on Wednesday, April 8th. Finally, Piper Sandler upped their price objective on shares of Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th.

Insiders Place Their Bets

In other Permian Resources news, CEO James H. Walter sold 673,425 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $12,377,551.50. Following the completion of the transaction, the chief executive officer owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. This represents a 6.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 3,192,835 shares of company stock valued at $60,120,653. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. SHP Wealth Management acquired a new position in shares of Permian Resources in the fourth quarter worth about $27,000. SJS Investment Consulting Inc. raised its position in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after acquiring an additional 1,341 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Permian Resources in the fourth quarter worth about $39,000. State of Wyoming raised its position in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after acquiring an additional 1,640 shares during the period. Finally, Cedar Mountain Advisors LLC acquired a new position in shares of Permian Resources in the first quarter worth about $48,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Trading Up 0.1%

NYSE PR opened at $20.45 on Monday. The company has a market capitalization of $17.12 billion, a PE ratio of 23.78 and a beta of 0.52. The company has a fifty day moving average of $20.53 and a 200 day moving average of $17.07. 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.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 earnings per share. Research analysts forecast that Permian Resources will post 1.98 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a $0.16 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.1%. Permian Resources’s dividend payout ratio is 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.