Permian Resources (NYSE:PR) Price Target Raised to $25.00 at Scotiabank

Permian Resources (NYSE:PR) had its price target upped by Scotiabank from $21.00 to $25.00 in a research note released on Wednesday,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

PR has been the topic of a number of other research reports. The Goldman Sachs Group increased their price target on shares of Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Roth Mkm reaffirmed a “neutral” rating and set a $22.00 price target (up from $20.00) on shares of Permian Resources in a research note on Wednesday, April 8th. BMO Capital Markets raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. TD Cowen increased their price target on shares of Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Finally, KeyCorp assumed coverage on shares of Permian Resources in a research report on Tuesday, April 7th. They issued an “overweight” rating and a $25.00 price objective for the company. Four research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Permian Resources currently has an average rating of “Buy” and an average target price of $22.38.

Permian Resources Stock Performance

NYSE:PR opened at $20.27 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. The company has a market cap of $16.95 billion, a P/E ratio of 16.22, a P/E/G ratio of 2.66 and a beta of 0.56. Permian Resources has a fifty-two week low of $11.58 and a fifty-two week high of $21.99. The firm’s 50 day moving average is $19.47 and its two-hundred day moving average is $15.92.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. Permian Resources’s revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 earnings per share. Analysts expect that Permian Resources will post 1.77 EPS for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio (DPR) is 51.20%.

Insider Buying and Selling at Permian Resources

In related news, EVP Guy M. Oliphint sold 4,999 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.28, for a total transaction of $91,381.72. Following the completion of the sale, the executive vice president directly owned 605,272 shares of the company’s stock, valued at approximately $11,064,372.16. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James H. Walter sold 673,425 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the sale, the chief executive officer directly owned 9,389,405 shares of the company’s stock, valued at approximately $172,577,263.90. The trade was a 6.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 3,130,066 shares of company stock worth $58,837,655. 6.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

Large investors have recently added to or reduced their stakes in the company. SHP Wealth Management acquired a new stake in Permian Resources during the 4th quarter valued at $27,000. Farther Finance Advisors LLC grew its holdings in Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after acquiring an additional 1,047 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in Permian Resources during the 4th quarter worth $39,000. State of Wyoming grew its holdings in Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after acquiring an additional 1,640 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after acquiring an additional 3,224 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.