Permian Resources (NYSE:PR) Price Target Raised to $20.00

Permian Resources (NYSE:PR) had its price objective raised by Susquehanna from $19.00 to $20.00 in a report published on Wednesday morning,Benzinga reports. Susquehanna currently has a positive rating on the stock.

A number of other brokerages have also issued reports on PR. The Goldman Sachs Group boosted their target price on Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, May 16th. Morgan Stanley dropped their target price on Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Bank of America increased their price target on shares of Permian Resources from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, May 23rd. Raymond James Financial restated a “strong-buy” rating and issued a $23.00 price objective (up previously from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Finally, TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Permian Resources has a consensus rating of “Buy” and an average price target of $18.47.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $13.78 on Wednesday. The firm has a market cap of $11.07 billion, a PE ratio of 8.50 and a beta of 1.25. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. Permian Resources has a 52 week low of $10.01 and a 52 week high of $16.33. The business’s fifty day simple moving average is $13.70 and its 200-day simple moving average is $13.56.

Permian Resources (NYSE:PR) last posted 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). The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 EPS. Equities analysts forecast that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, June 16th. This represents a $0.60 annualized dividend and a yield of 4.36%. Permian Resources’s dividend payout ratio is currently 37.04%.

Institutional Trading of Permian Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. OneDigital Investment Advisors LLC boosted its stake in Permian Resources by 19.2% during the 1st quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company’s stock worth $267,000 after purchasing an additional 3,107 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Permian Resources by 12.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company’s stock valued at $444,000 after purchasing an additional 3,547 shares during the last quarter. Crossmark Global Holdings Inc. raised its position in Permian Resources by 8.5% during the 1st quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company’s stock worth $393,000 after buying an additional 2,215 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Permian Resources by 27.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company’s stock valued at $425,000 after acquiring an additional 6,600 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new position in shares of Permian Resources during the first quarter worth about $174,000. Institutional investors and hedge funds 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.