Permian Resources (NYSE:PR) Price Target Raised to $28.00

Permian Resources (NYSE:PR) had its price target hoisted by Wells Fargo & Company from $27.00 to $28.00 in a research note published on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also recently issued reports about the company. Truist Financial raised their price objective on Permian Resources from $24.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 12th. Morgan Stanley boosted their target price on Permian Resources from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. Susquehanna upped their target price on Permian Resources from $25.00 to $30.00 and gave the stock a “positive” rating in a research note on Tuesday, October 20th. Seaport Research Partners started coverage on Permian Resources in a research note on Thursday, September 3rd. They issued a “buy” rating and a $29.00 target price for the company. Finally, Zacks Research upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Five equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $26.67.

Permian Resources Price Performance

NYSE:PR traded up $0.27 during midday trading on Thursday, hitting $23.04. The company had a trading volume of 5,450,540 shares, compared to its average volume of 10,319,994. Permian Resources has a 52-week low of $13.18 and a 52-week high of $26.07. The stock’s fifty day moving average price is $23.24 and its 200-day moving average price is $20.72. The company has a market capitalization of $19.29 billion, a PE ratio of 12.00 and a beta of 0.62. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.22.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. Permian Resources had a return on equity of 15.56% and a net margin of 25.04%. The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter last year, the business posted $0.08 earnings per share. The company’s revenue for the quarter was up 48.1% on a year-over-year basis. As a group, research analysts expect that Permian Resources will post 2.62 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, December 17th. This represents a $0.64 dividend on an annualized basis and a yield of 2.8%. Permian Resources’s dividend payout ratio is presently 33.33%.

Insiders Place Their Bets

In other Permian Resources news, EVP John Bell sold 5,492 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 1,561,680 shares in the company, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of Permian Resources stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,220.00. Following the completion of the sale, the executive vice president owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. This represents a 0.38% 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. In the last 90 days, insiders sold 15,699 shares of company stock worth $372,851. 5.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PR. Provenance Wealth Advisors LLC bought a new stake in shares of Permian Resources in the 3rd quarter worth approximately $26,000. Heritage Family Offices LLP bought a new position in Permian Resources during the 3rd quarter valued at approximately $35,000. Essential Partners LLC increased its position in Permian Resources by 4,400.0% during the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after buying an additional 3,168 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Permian Resources during the first quarter valued at $72,000. Finally, Bessemer Group Inc. raised its stake in Permian Resources by 21.3% during the first quarter. Bessemer Group Inc. now owns 3,537 shares of the company’s stock valued at $76,000 after buying an additional 621 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Company Profile

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico. The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.