The Goldman Sachs Group Forecasts Strong Price Appreciation for Permian Resources (NYSE:PR) Stock

Permian Resources (NYSE:PR) had its target price upped by The Goldman Sachs Group from $14.00 to $16.00 in a report released on Friday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

A number of other equities analysts have also commented on the stock. Piper Sandler decreased their price objective on shares of Permian Resources from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Tuesday. Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Susquehanna decreased their target price on shares of Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. UBS Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Finally, Williams Trading set a $19.00 target price on shares of Permian Resources in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $18.33.

Permian Resources Trading Down 0.4%

Permian Resources stock opened at $13.50 on Friday. The company has a 50 day moving average price of $12.58 and a 200 day moving average price of $13.90. Permian Resources has a 52 week low of $10.01 and a 52 week high of $16.95. 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 firm has a market capitalization of $10.84 billion, a price-to-earnings ratio of 8.18, a P/E/G ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business posted $0.25 EPS. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. Research analysts forecast that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.45%. The ex-dividend date is Monday, June 16th. Permian Resources’s payout ratio is presently 37.04%.

Insider Activity at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 4,150 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total transaction of $58,058.50. Following the completion of the transaction, the chief financial officer now owns 130,467 shares of the company’s stock, valued at $1,825,233.33. The trade was a 3.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Quinn bought 500,000 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the transaction, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. The trade was a 160.04% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 9,685 shares of company stock valued at $135,687. Insiders own 6.44% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PR. Principal Securities Inc. lifted its position in Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares during the last quarter. Allworth Financial LP lifted its position in Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after acquiring an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in Permian Resources during the 1st quarter worth $30,000. Global Retirement Partners LLC lifted its position in Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after acquiring an additional 1,232 shares during the last quarter. Finally, Rakuten Securities Inc. lifted its position in Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after acquiring an additional 2,305 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.