Permian Resources Corporation (NYSE:PR) Receives Average Recommendation of “Buy” from Analysts

Shares of Permian Resources Corporation (NYSE:PR) have received a consensus recommendation of “Buy” from the twenty-two ratings firms that are presently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $23.5294.

Several equities research analysts have commented on the company. Weiss Ratings lowered Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, May 12th. Scotiabank lifted their price target on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 22nd. Piper Sandler boosted their price target on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Truist Financial increased their price objective on Permian Resources from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. Finally, KeyCorp began coverage on Permian Resources in a report on Tuesday, April 7th. They issued an “overweight” rating and a $25.00 price objective on the stock.

Insiders Place Their Bets

In related news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction dated 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 approximately $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PR. AQR Capital Management LLC lifted its position in Permian Resources by 69.2% during the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after buying an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Permian Resources by 18.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $75,512,000 after acquiring an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Permian Resources by 7.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after acquiring an additional 87,105 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after acquiring an additional 3,224 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Permian Resources by 21.3% in the second quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock valued at $1,274,000 after purchasing an additional 16,443 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Price Performance

NYSE PR traded up $0.33 on Tuesday, hitting $18.52. The company had a trading volume of 190,364 shares, compared to its average volume of 12,424,982. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The company’s fifty day moving average price is $19.70 and its 200-day moving average price is $18.21. The company has a market capitalization of $15.51 billion, a PE ratio of 21.43 and a beta of 0.46. Permian Resources has a 12-month low of $11.92 and a 12-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 (EPS) 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 for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the business earned $0.44 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, analysts predict that Permian Resources will post 1.97 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s dividend payout ratio is 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.