Permian Resources Corporation (NYSE:PR) Stock Has Average Target Price of $25.56 According to Brokerages

Shares of Permian Resources Corporation (NYSE:PR) have earned an average rating of “Buy” from the twenty-two ratings firms that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and five have assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $25.72.

A number of research firms have recently commented on PR. Wells Fargo & Company lifted their price target on shares of Permian Resources from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday. Wall Street Zen raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 8th. Mizuho raised shares of Permian Resources to a “strong-buy” rating in a report on Friday, July 31st. Seaport Research Partners initiated coverage on shares of Permian Resources in a research note on Thursday, September 3rd. They issued a “buy” rating and a $29.00 target price on the stock. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $29.00 target price on shares of Permian Resources in a research note on Thursday, August 27th.

Insider Activity

In related news, EVP John Bell sold 5,492 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the transaction, the executive vice president owned 1,561,680 shares of the company’s stock, valued at approximately $37,089,900. The trade was a 0.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy M. Oliphint sold 5,103 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following the sale, the executive vice president owned 537,400 shares of the company’s stock, valued at approximately $12,763,250. The trade was a 0.94% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PR. SJS Investment Consulting Inc. increased its position in Permian Resources by 1,862.5% during the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after acquiring an additional 1,341 shares during the period. SHP Wealth Management bought a new stake in Permian Resources in the 4th quarter valued at $27,000. Cedar Mountain Advisors LLC bought a new stake in Permian Resources in the 1st quarter valued at $48,000. Essential Partners LLC boosted its holdings in Permian Resources by 4,400.0% in the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after purchasing an additional 3,168 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Permian Resources in the 1st quarter worth $72,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

PR opened at $24.57 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The company has a market cap of $20.58 billion, a PE ratio of 16.27 and a beta of 0.66. The stock has a 50-day moving average of $22.79 and a 200-day moving average of $20.98. Permian Resources has a 52-week low of $12.04 and a 52-week high of $24.65.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The firm’s revenue was up 55.1% compared to the same quarter last year. During the same period last year, the business earned $0.28 EPS. As a group, equities research analysts forecast that Permian Resources will post 2.37 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Wednesday, September 16th. Permian Resources’s dividend payout ratio is 42.38%.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.