Permian Resources (NYSE:PR) Hits New 1-Year High – What’s Next?

Shares of Permian Resources Corporation (NYSE:PR) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $22.74 and last traded at $22.3220, with a volume of 798631 shares trading hands. The stock had previously closed at $22.18.

Analyst Upgrades and Downgrades

PR has been the subject of several research analyst reports. Roth Capital set a $23.00 price target on shares of Permian Resources and gave the company a “buy” rating in a report on Monday, June 22nd. Truist Financial raised their price target on Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Evercore assumed coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price objective on the stock. Wells Fargo & Company boosted their target price on Permian Resources from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. Finally, Citigroup lowered their price target on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Five research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $23.47.

Permian Resources Trading Up 2.8%

The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The firm has a market capitalization of $19.25 billion, a price-to-earnings ratio of 15.22 and a beta of 0.48. The firm’s 50-day simple moving average is $19.90 and its 200 day simple moving average is $19.64.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.Permian Resources’s revenue was up 55.1% compared to the same quarter last year. During the same period last year, the firm posted $0.28 earnings per share. Equities analysts expect that Permian Resources Corporation will post 2.15 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s dividend payout ratio is presently 42.38%.

Institutional Investors Weigh In On Permian Resources

Several hedge funds have recently added to or reduced their stakes in PR. Principal Financial Group Inc. lifted its stake in shares of Permian Resources by 1.8% in the first quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock worth $100,911,000 after acquiring an additional 85,509 shares during the period. Sanctuary Advisors LLC boosted its stake in Permian Resources by 35.3% during the first quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company’s stock worth $4,073,000 after acquiring an additional 49,798 shares in the last quarter. Horizon Investments LLC grew its stake in shares of Permian Resources by 80.8% in the 4th quarter. Horizon Investments LLC now owns 420,448 shares of the company’s stock valued at $5,899,000 after buying an additional 187,903 shares during the period. Sterling Capital Management LLC grew its stake in Permian Resources by 98.0% in the first quarter. Sterling Capital Management LLC now owns 168,262 shares of the company’s stock valued at $3,587,000 after acquiring an additional 83,302 shares during the period. Finally, Jennison Associates LLC increased its stake in Permian Resources by 2.8% during the 4th quarter. Jennison Associates LLC now owns 3,818,742 shares of the company’s stock valued at $53,577,000 after purchasing an additional 105,396 shares in the last quarter. 91.84% of the stock is currently 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.