Permian Resources Corporation (NYSE:PR) Given Consensus Rating of “Buy” by Brokerages

Permian Resources Corporation (NYSE:PR) has been assigned a consensus recommendation of “Buy” from the twenty-one ratings firms that are covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and five have given a strong buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $23.6471.

A number of brokerages recently issued reports on PR. Zacks Research cut shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Evercore began coverage on Permian Resources in a research note on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 target price for the company. Wall Street Zen raised Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 8th. Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a research note on Wednesday, August 19th. Finally, UBS Group lowered their price target on Permian Resources from $25.00 to $24.00 and set a “buy” rating for the company in a report on Friday, July 17th.

Permian Resources Price Performance

Shares of NYSE PR opened at $22.70 on Wednesday. The stock has a market capitalization of $19.01 billion, a P/E ratio of 15.03 and a beta of 0.47. The stock’s fifty day moving average is $20.53 and its 200 day moving average is $19.97. Permian Resources has a 52 week low of $11.92 and a 52 week high of $24.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The firm had revenue of $1.86 billion for 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 business’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.28 earnings per share. Sell-side analysts forecast that Permian Resources will post 2.24 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s payout ratio is currently 42.38%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PR. SHP Wealth Management bought a new stake in shares of Permian Resources during the 4th quarter valued at approximately $27,000. SJS Investment Consulting Inc. lifted its stake in Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after purchasing an additional 1,341 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Permian Resources in the fourth quarter valued at approximately $39,000. State of Wyoming boosted its position in Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after buying an additional 1,640 shares in the last quarter. Finally, Cedar Mountain Advisors LLC bought a new stake in shares of Permian Resources during the first quarter worth $48,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

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.