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

Permian Resources Corporation (NYSE:PR) has been given an average rating of “Moderate Buy” by the twenty-one research firms that are currently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and three have issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $22.6875.

A number of research analysts have commented on PR shares. Roth Mkm reiterated a “neutral” rating and set a $22.00 price objective (up from $20.00) on shares of Permian Resources in a research note on Wednesday, April 8th. TD Cowen increased their price objective on shares of Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. Raymond James Financial reiterated a “strong-buy” rating and set a $21.00 price objective on shares of Permian Resources in a research note on Thursday, February 26th. Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a research note on Friday, March 27th. Finally, Scotiabank increased their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 22nd.

Permian Resources Price Performance

Shares of PR stock opened at $18.67 on Friday. The company has a market capitalization of $15.64 billion, a PE ratio of 21.71 and a beta of 0.48. The firm has a fifty day simple moving average of $20.22 and a 200-day simple moving average of $17.83. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources has a twelve month low of $11.92 and a twelve month high of $22.67.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the firm earned $0.44 earnings per share. The business’s quarterly revenue was up .9% compared to the same quarter last year. Equities research analysts anticipate that Permian Resources will post 2.01 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Tuesday, June 16th. Permian Resources’s dividend payout ratio is 74.42%.

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the transaction, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. This represents a 10.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 5.00% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC raised its holdings in shares of Permian Resources by 10.1% during the first quarter. Parallel Advisors LLC now owns 12,153 shares of the company’s stock worth $259,000 after purchasing an additional 1,110 shares during the period. Essential Partners LLC raised its holdings in shares of Permian Resources by 4,400.0% during the first quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock worth $69,000 after purchasing an additional 3,168 shares during the period. Bank of America Corp DE raised its holdings in shares of Permian Resources by 19.4% during the first quarter. Bank of America Corp DE now owns 2,971,238 shares of the company’s stock worth $63,347,000 after purchasing an additional 481,917 shares during the period. Bull Harbor Capital LLC acquired a new stake in shares of Permian Resources during the first quarter worth $220,000. Finally, Arkadios Wealth Advisors raised its holdings in shares of Permian Resources by 38.0% during the first quarter. Arkadios Wealth Advisors now owns 22,570 shares of the company’s stock worth $481,000 after purchasing an additional 6,218 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

About Permian Resources

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.