Permian Resources (NYSE:PR) Price Target Raised to $23.00 at Truist Financial

Permian Resources (NYSE:PR) had its price objective lifted by Truist Financial from $20.00 to $23.00 in a report published on Monday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other analysts also recently commented on PR. Benchmark lowered their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Wells Fargo & Company decreased their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Morgan Stanley assumed coverage on Permian Resources in a research note on Friday. They issued an “overweight” rating and a $19.00 target price on the stock. Mizuho decreased their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, The Goldman Sachs Group began coverage on Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 price target on the stock. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.06.

Permian Resources Stock Performance

Shares of PR opened at $15.40 on Monday. The firm has a market capitalization of $12.37 billion, a P/E ratio of 9.33, a P/E/G ratio of 0.88 and a beta of 4.32. Permian Resources has a 52 week low of $12.59 and a 52 week high of $18.28. The stock has a 50 day moving average price of $14.82 and a two-hundred day moving average price of $14.64. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the company posted $0.36 earnings per share. Permian Resources’s revenue was up 60.3% compared to the same quarter last year. Equities analysts forecast that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Insider Activity

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the transaction, the chief financial officer now owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently modified their holdings of the company. Sunbelt Securities Inc. boosted its stake in Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after buying an additional 800 shares during the period. Avior Wealth Management LLC raised its holdings in shares of Permian Resources by 0.9% in the 3rd quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock valued at $1,560,000 after acquiring an additional 1,007 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Permian Resources by 9.7% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,939 shares of the company’s stock valued at $209,000 after acquiring an additional 1,147 shares during the last quarter. Icon Wealth Advisors LLC grew its holdings in shares of Permian Resources by 1.0% during the third quarter. Icon Wealth Advisors LLC now owns 130,880 shares of the company’s stock worth $1,781,000 after purchasing an additional 1,349 shares in the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its position in shares of Permian Resources by 0.7% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 184,475 shares of the company’s stock worth $2,511,000 after purchasing an additional 1,370 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.