Permian Resources Corporation (NYSE:PR) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Permian Resources Corporation (NYSE:PR) have been assigned an average recommendation of “Moderate Buy” from the fifteen ratings firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, twelve have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $18.33.

PR has been the topic of a number of research reports. Susquehanna lowered their price objective on shares of Permian Resources from $20.00 to $19.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. UBS Group raised their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Bank of America upped their target price on Permian Resources from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Royal Bank Of Canada increased their target price on Permian Resources from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, May 16th. Finally, Wells Fargo & Company cut their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, June 16th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Principal Securities Inc. raised its stake in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares during the period. Allworth Financial LP raised its position in shares of Permian Resources by 376.7% in the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after buying an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC purchased a new position in shares of Permian Resources in the 1st quarter worth $30,000. Global Retirement Partners LLC boosted its holdings in Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after acquiring an additional 1,232 shares during the last quarter. Finally, Rakuten Securities Inc. grew its position in Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after acquiring an additional 2,305 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Trading Down 0.7%

Shares of Permian Resources stock opened at $14.07 on Friday. The company has a 50-day moving average of $13.36 and a two-hundred day moving average of $13.60. The stock has a market cap of $11.30 billion, a PE ratio of 8.68 and a beta of 1.25. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34. Permian Resources has a 12-month low of $10.01 and a 12-month high of $16.95.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.25 earnings per share. On average, research analysts anticipate that Permian Resources will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.27%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources’s dividend payout ratio (DPR) is 37.04%.

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.