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

Shares of Permian Resources Co. (NYSE:PR) have earned a consensus rating of “Moderate Buy” from the seventeen research firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $19.06.

A number of brokerages have recently weighed in on PR. Morgan Stanley initiated coverage on Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price target for the company. Benchmark dropped 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a report on Monday, October 14th. Wells Fargo & Company dropped 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. Finally, Piper Sandler reduced their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th.

Permian Resources Stock Performance

Shares of PR stock opened at $14.99 on Tuesday. The stock’s 50-day moving average is $14.97 and its two-hundred day moving average is $14.59. 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 has a 1 year low of $12.59 and a 1 year high of $18.28. The firm has a market cap of $12.04 billion, a price-to-earnings ratio of 9.08, a PEG ratio of 4.60 and a beta of 4.32.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the company posted $0.36 earnings per share. The business’s revenue was up 60.3% on a year-over-year basis. Analysts predict that Permian Resources will post 1.44 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 4.00%. Permian Resources’s payout ratio is 36.36%.

Insider Activity at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction dated Friday, January 3rd. The shares were 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 of the company’s stock, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 12.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Hexagon Capital Partners LLC lifted 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 worth $27,000 after acquiring an additional 1,998 shares during the last quarter. ORG Wealth Partners LLC acquired a new stake in Permian Resources during the 4th quarter worth approximately $31,000. UMB Bank n.a. lifted its holdings in Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after purchasing an additional 1,390 shares during the last quarter. Sunbelt Securities Inc. boosted its stake 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 period. Finally, Blue Trust Inc. grew its holdings in Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after buying an additional 2,629 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

About Permian Resources

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.