Permian Resources (NASDAQ:PR) Price Target Increased to $23.00 by Analysts at Truist Financial

Permian Resources (NASDAQ:PR) had its target price boosted by Truist Financial from $22.00 to $23.00 in a report issued on Monday, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently weighed in on the stock. Stifel Nicolaus lifted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a research report on Friday, March 22nd. Bank of America started coverage on shares of Permian Resources in a research report on Friday, January 5th. They set a neutral rating and a $15.00 price objective on the stock. Mizuho increased their target price on Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a report on Monday, April 15th. Susquehanna lifted their price target on Permian Resources from $16.00 to $18.00 and gave the company a neutral rating in a report on Monday. Finally, Wells Fargo & Company increased their price objective on Permian Resources from $18.00 to $21.00 and gave the stock an overweight rating in a research note on Wednesday, April 17th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $19.31.

Permian Resources Stock Performance

PR opened at $17.17 on Monday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The firm has a market cap of $13.25 billion, a PE ratio of 14.80 and a beta of 4.35. The business has a fifty day simple moving average of $16.45 and a 200-day simple moving average of $14.60. Permian Resources has a fifty-two week low of $8.94 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. As a group, equities analysts predict that Permian Resources will post 1.72 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend was Tuesday, March 12th. Permian Resources’s dividend payout ratio is 17.24%.

Insider Activity

In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director William J. Quinn sold 18,076,849 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $15.71, for a total value of $283,987,297.79. Following the sale, the director now directly owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,916,943 shares of company stock worth $516,796,999. 23.14% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. EnCap Energy Capital Fund XI L.P. bought a new position in Permian Resources during the fourth quarter worth about $353,683,000. Vanguard Group Inc. lifted its position in shares of Permian Resources by 69.7% during the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after buying an additional 19,847,358 shares during the period. OnyxPoint Global Management LP acquired a new stake in Permian Resources in the 4th quarter valued at $114,159,000. Massachusetts Financial Services Co. MA grew its position in Permian Resources by 96.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after acquiring an additional 6,464,093 shares during the period. Finally, Jennison Associates LLC acquired a new position in Permian Resources during the third quarter worth $76,629,000. 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.