Permian Resources (NYSE:PR) Price Target Cut to $20.00 by Analysts at Piper Sandler

Permian Resources (NYSE:PR) had its price target decreased by Piper Sandler from $21.00 to $20.00 in a research note published on Tuesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

PR has been the topic of several other research reports. Benchmark dropped their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. UBS Group lowered their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Susquehanna reduced their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.87.

Permian Resources Stock Down 1.3 %

Shares of NYSE PR opened at $13.97 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market cap of $11.22 billion, a PE ratio of 8.47, a P/E/G ratio of 0.88 and a beta of 4.35. The company’s fifty day simple moving average is $14.65 and its 200 day simple moving average is $14.79. Permian Resources has a 12-month low of $12.59 and a 12-month high of $18.28.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $0.36 EPS. As a group, sell-side analysts forecast that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a $0.15 dividend. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in PR. Hexagon Capital Partners LLC raised its position in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares in the last quarter. Innealta Capital LLC bought a new position in Permian Resources during the second quarter valued at approximately $30,000. UMB Bank n.a. raised its stake in shares of 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 in the last quarter. Gilliland Jeter Wealth Management LLC bought a new stake in shares of Permian Resources in the 2nd quarter worth approximately $40,000. Finally, Sunbelt Securities Inc. boosted its stake in shares of 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 in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.