Permian Resources’ (PR) “Buy” Rating Reaffirmed at Benchmark

Benchmark restated their buy rating on shares of Permian Resources (NASDAQ:PR) in a research note issued to investors on Tuesday, Benzinga reports. Benchmark currently has a $17.00 price target on the stock.

Other analysts also recently issued research reports about the company. Susquehanna lifted their target price on Permian Resources from $16.00 to $18.00 and gave the company a neutral rating in a research note on Monday. Raymond James started coverage on Permian Resources in a research note on Tuesday, April 9th. They set a strong-buy rating and a $24.00 target price on the stock. Stifel Nicolaus lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a research note on Friday, March 22nd. JPMorgan Chase & Co. lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company an overweight rating in a research note on Friday, April 12th. Finally, Wells Fargo & Company lifted their target price on Permian Resources from $18.00 to $21.00 and gave the company an overweight rating in a research note on Wednesday, April 17th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $19.31.

Permian Resources Trading Up 0.1 %

Shares of NASDAQ PR opened at $17.19 on Tuesday. The company has a market cap of $13.27 billion, a price-to-earnings ratio of 14.82 and a beta of 4.35. Permian Resources has a 12-month low of $8.94 and a 12-month high of $18.28. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The stock’s 50 day simple moving average is $16.51 and its 200 day simple moving average is $14.63.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Equities research analysts expect that Permian Resources will post 1.72 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s dividend payout ratio (DPR) is presently 17.24%.

Insider Transactions at Permian Resources

In other news, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the sale, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William M. Hickey III sold 4,000,000 shares of Permian Resources stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $62,840,000.00. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock valued at $516,796,999 over the last three months. Company insiders own 23.14% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. EnCap Energy Capital Fund XI L.P. acquired a new stake in shares of Permian Resources in the fourth quarter worth about $353,683,000. Vanguard Group Inc. lifted its position in shares of Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after acquiring an additional 19,847,358 shares during the period. OnyxPoint Global Management LP bought a new stake in shares of Permian Resources in the 4th quarter worth approximately $114,159,000. Massachusetts Financial Services Co. MA lifted its position in shares of Permian Resources by 96.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock worth $178,961,000 after acquiring an additional 6,464,093 shares during the period. Finally, Jennison Associates LLC bought a new stake in shares of Permian Resources in the 3rd quarter worth approximately $76,629,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.