Permian Resources Co. (NYSE:PR) Given Average Rating of “Moderate Buy” by Analysts

Permian Resources Co. (NYSE:PR) has received an average recommendation of “Moderate Buy” from the sixteen ratings firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $18.87.

PR has been the subject of a number of recent analyst reports. Piper Sandler lowered their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. 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 note on Monday, September 16th. Benchmark cut their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. The Goldman Sachs Group initiated coverage on shares of Permian Resources in a research report on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Finally, JPMorgan Chase & Co. lowered their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th.

Permian Resources Trading Up 3.3 %

NYSE:PR opened at $14.86 on Friday. The firm has a market capitalization of $11.94 billion, a P/E ratio of 9.01, a P/E/G ratio of 0.88 and a beta of 4.35. The business has a 50 day simple moving average of $14.61 and a 200 day simple moving average of $14.68. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources has a 12-month low of $12.59 and a 12-month high of $18.28.

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, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was up 60.3% compared to the same quarter last year. Equities research analysts predict that Permian Resources will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.04%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio is currently 36.36%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PR. Hexagon Capital Partners LLC lifted its holdings 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 purchasing an additional 1,998 shares in the last quarter. UMB Bank n.a. boosted its position 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 acquiring an additional 1,390 shares during the period. Sunbelt Securities Inc. boosted its position in Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after acquiring an additional 800 shares during the period. Blue Trust Inc. grew its stake in Permian Resources by 399.5% during the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after acquiring an additional 2,629 shares in the last quarter. Finally, National Bank of Canada FI acquired a new position in shares of Permian Resources in the 3rd quarter valued at about $45,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.