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

Permian Resources Co. (NYSE:PR) has earned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $18.87.

Several analysts have issued reports on the company. UBS Group dropped their price objective on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. The Goldman Sachs Group initiated coverage on Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 price target for the company. Wells Fargo & Company dropped their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Mizuho decreased their price target on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. cut 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.

Insider Activity at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC increased its stake 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 valued at $27,000 after buying an additional 1,998 shares during the period. Innealta Capital LLC acquired a new position in Permian Resources in the 2nd quarter valued at approximately $30,000. Transcendent Capital Group LLC bought a new position in shares of Permian Resources during the first quarter valued at $36,000. UMB Bank n.a. lifted its holdings 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 purchasing an additional 1,390 shares during the period. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in shares of Permian Resources during the 2nd quarter valued at about $40,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Down 0.4 %

PR stock opened at $15.13 on Thursday. Permian Resources has a twelve month low of $12.34 and a twelve month high of $18.28. The company has a market cap of $12.14 billion, a price-to-earnings ratio of 9.17, a P/E/G ratio of 0.91 and a beta of 4.34. 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 business has a 50 day moving average price of $13.97 and a two-hundred day moving average price of $15.03.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. 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 company earned $0.36 earnings per share. Analysts anticipate that Permian Resources will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is 14.55%.

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.