Permian Resources Co. (NYSE:PR) Receives Average Rating of “Moderate Buy” from Brokerages

Permian Resources Co. (NYSE:PR) has earned a consensus rating of “Moderate Buy” from the sixteen research firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $18.93.

Several equities research analysts have recently commented on PR shares. JPMorgan Chase & Co. reduced their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Susquehanna dropped their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Piper Sandler raised their price objective on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. UBS Group lowered their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Finally, Wells Fargo & Company cut their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st.

Institutional Investors Weigh In On Permian Resources

Hedge funds have recently modified their holdings of the stock. Hexagon Capital Partners LLC increased its position in shares of Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after acquiring an additional 1,998 shares in the last quarter. Innealta Capital LLC bought a new position in Permian Resources during the second quarter worth $30,000. UMB Bank n.a. raised its stake in Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after acquiring an additional 1,390 shares during the period. Gilliland Jeter Wealth Management LLC acquired a new position in Permian Resources during the 2nd quarter valued at approximately $40,000. Finally, Sunbelt Securities Inc. lifted its position in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after purchasing an additional 800 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Stock Down 3.9 %

Shares of PR opened at $14.67 on Monday. The business’s 50 day simple moving average is $14.60 and its 200-day simple moving average is $14.86. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market capitalization of $11.79 billion, a price-to-earnings ratio of 8.89, a price-to-earnings-growth ratio of 0.91 and a beta of 4.35.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share. As a group, equities analysts expect that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a dividend of $0.15 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.09%. Permian Resources’s dividend payout ratio is presently 36.36%.

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.