Permian Resources’ (PR) Outperform Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reissued their outperform rating on shares of Permian Resources (NYSE:PR) in a research report sent to investors on Thursday,Benzinga reports. They currently have a $27.00 price target on the stock.

Other research analysts have also recently issued reports about the stock. KeyCorp boosted their price target on shares of Permian Resources from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, September 15th. Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Raymond James Financial reissued a “strong-buy” rating and set a $29.00 target price on shares of Permian Resources in a research report on Thursday, August 27th. Citigroup cut their target price on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Finally, Weiss Ratings raised Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a research report on Thursday, August 13th. Five analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Permian Resources has a consensus rating of “Buy” and an average price target of $24.83.

Permian Resources Trading Down 2.3%

NYSE PR opened at $21.34 on Thursday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $22.18 and a 200 day simple moving average of $20.69. Permian Resources has a 12 month low of $11.92 and a 12 month high of $24.65. The firm has a market capitalization of $17.88 billion, a P/E ratio of 14.14 and a beta of 0.49.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the firm earned $0.28 EPS. The business’s revenue for the quarter was up 55.1% compared to the same quarter last year. On average, analysts predict that Permian Resources will post 2.27 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.16 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 annualized dividend and a yield of 3.0%. Permian Resources’s dividend payout ratio is presently 42.38%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Bell sold 5,492 shares of the business’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the sale, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy M. Oliphint sold 5,103 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the sale, the executive vice president owned 537,400 shares in the company, valued at approximately $12,763,250. The trade was a 0.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 15,699 shares of company stock valued at $372,851. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Large investors have recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. lifted its holdings in Permian Resources by 1,862.5% during the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after purchasing an additional 1,341 shares during the last quarter. SHP Wealth Management purchased a new position in shares of Permian Resources in the fourth quarter worth about $27,000. Cedar Mountain Advisors LLC bought a new stake in shares of Permian Resources in the first quarter valued at approximately $48,000. Essential Partners LLC raised its position in shares of Permian Resources by 4,400.0% in the first quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after purchasing an additional 3,168 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Permian Resources during the 1st quarter valued at approximately $72,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.