Permian Resources (NYSE:PR) Given New $21.00 Price Target at Piper Sandler

Permian Resources (NYSE:PR) had its price objective lifted by Piper Sandler from $20.00 to $21.00 in a research report report published on Wednesday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

PR has been the subject of a number of other research reports. Benchmark lowered 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. Morgan Stanley began coverage on shares of Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective for the company. Wells Fargo & Company dropped their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Royal Bank of Canada restated an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Finally, Truist Financial increased their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.13.

Permian Resources Trading Up 1.5 %

Shares of PR opened at $15.11 on Wednesday. Permian Resources has a 52-week low of $12.59 and a 52-week high of $18.28. The company has a market cap of $12.14 billion, a price-to-earnings ratio of 9.16, a PEG ratio of 4.60 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a fifty day moving average price of $14.96 and a two-hundred day moving average price of $14.59.

Permian Resources (NYSE:PR) last announced its 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. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 earnings per share. Analysts predict that Permian Resources will post 1.44 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend was Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

Insider Transactions at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PR. Allspring Global Investments Holdings LLC lifted its position in Permian Resources by 16.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 629,844 shares of the company’s stock worth $9,359,000 after acquiring an additional 90,686 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Permian Resources by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock worth $2,540,000 after purchasing an additional 700 shares during the period. L. Roy Papp & Associates LLP lifted its holdings in Permian Resources by 55.5% during the 4th quarter. L. Roy Papp & Associates LLP now owns 56,540 shares of the company’s stock worth $813,000 after purchasing an additional 20,185 shares during the last quarter. Summit Trail Advisors LLC boosted its stake in Permian Resources by 12.4% in the 4th quarter. Summit Trail Advisors LLC now owns 21,430 shares of the company’s stock valued at $308,000 after purchasing an additional 2,368 shares during the period. Finally, MADDEN SECURITIES Corp grew its holdings in Permian Resources by 1.5% in the 4th quarter. MADDEN SECURITIES Corp now owns 68,975 shares of the company’s stock valued at $992,000 after buying an additional 1,000 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

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.