Permian Resources (NYSE:PR) Given New $16.00 Price Target at Bank of America

Permian Resources (NYSE:PR) had its price target increased by Bank of America from $15.00 to $16.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. dropped their price target on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. UBS Group lifted their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a report on Monday, May 12th. Williams Trading set a $19.00 price objective on shares of Permian Resources in a report on Wednesday, March 5th. Piper Sandler dropped their price objective on shares of Permian Resources from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Finally, The Goldman Sachs Group lifted their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a report on Friday, May 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average price target of $18.56.

Permian Resources Price Performance

Shares of PR stock opened at $12.71 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The firm’s 50-day moving average is $12.55 and its two-hundred day moving average is $13.88. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.95. The company has a market capitalization of $10.21 billion, a PE ratio of 7.70, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the firm earned $0.25 earnings per share. Permian Resources’s revenue for the quarter was up 10.7% on a year-over-year basis. Analysts predict that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a $0.15 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.60 annualized dividend and a yield of 4.72%. Permian Resources’s dividend payout ratio (DPR) is 37.04%.

Insider Activity at Permian Resources

In other Permian Resources news, Director William J. Quinn purchased 500,000 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This trade represents a 160.04% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Guy M. Oliphint sold 4,150 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the transaction, the chief financial officer now owns 130,467 shares of the company’s stock, valued at approximately $1,825,233.33. The trade was a 3.08% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,685 shares of company stock worth $135,687 in the last 90 days. 6.44% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Permian Resources by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock valued at $944,487,000 after acquiring an additional 870,622 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $469,856,000 after acquiring an additional 12,306,854 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Permian Resources in the 4th quarter valued at about $431,676,000. Massachusetts Financial Services Co. MA grew its stake in Permian Resources by 1.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock valued at $265,209,000 after acquiring an additional 291,444 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Permian Resources by 19.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock valued at $195,276,000 after acquiring an additional 2,286,363 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.