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

Permian Resources Corporation (NYSE:PR) has been assigned a consensus rating of “Buy” from the twenty-two brokerages that are currently covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and five have given a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $23.2941.

PR has been the topic of a number of analyst reports. Truist Financial reduced their price target on Permian Resources from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Raymond James Financial cut their target price on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a research report on Wednesday, June 17th. Roth Capital set a $23.00 target price on Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Mizuho upgraded Permian Resources to a “strong-buy” rating in a research report on Friday, July 31st. Finally, Weiss Ratings raised Permian Resources from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 30th.

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Permian Resources by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock valued at $1,057,930,000 after purchasing an additional 3,941,318 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Permian Resources by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after buying an additional 4,533,732 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after buying an additional 13,483,136 shares in the last quarter. State Street Corp lifted its position in shares of Permian Resources by 2.0% during the 4th quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after buying an additional 460,158 shares during the last quarter. Finally, Boston Partners lifted its position in shares of Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after buying an additional 7,503,654 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $19.83 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $16.60 billion, a price-to-earnings ratio of 23.05 and a beta of 0.48. Permian Resources has a twelve month low of $11.92 and a twelve month high of $22.67. The company has a 50-day simple moving average of $19.53 and a two-hundred day simple moving average of $19.17.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the business posted $0.28 EPS. The business’s revenue was up 55.1% compared to the same quarter last year. Analysts forecast that Permian Resources will post 1.94 EPS for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is currently 74.42%.

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.