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

Permian Resources Co. (NYSE:PR) has received an average recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $19.13.

A number of equities analysts recently commented on PR shares. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a report on Monday, October 14th. Piper Sandler raised their price objective on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Morgan Stanley started coverage on shares of Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective on the stock. Benchmark decreased their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Finally, Truist Financial raised their price objective on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Yaupon Capital Management LP boosted its position in shares of Permian Resources by 225.0% in the 3rd quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock worth $51,016,000 after purchasing an additional 2,595,137 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after acquiring an additional 2,023,742 shares in the last quarter. Perpetual Ltd acquired a new stake in Permian Resources in the 4th quarter valued at $27,104,000. Geode Capital Management LLC increased its stake in Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock worth $148,957,000 after buying an additional 1,638,618 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Permian Resources by 9.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after buying an additional 1,543,854 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Price Performance

Permian Resources stock opened at $14.42 on Tuesday. The firm has a market cap of $11.58 billion, a P/E ratio of 8.74, a P/E/G ratio of 4.06 and a beta of 4.28. 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 business’s fifty day moving average is $14.88 and its two-hundred day moving average is $14.54. Permian Resources has a 52 week low of $12.59 and a 52 week high of $18.28.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company’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 posted $0.36 earnings per share. Equities research analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a $0.15 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.16%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

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.