Susquehanna Increases Permian Resources (NASDAQ:PR) Price Target to $18.00

Permian Resources (NASDAQ:PR) had its price objective boosted by Susquehanna from $16.00 to $18.00 in a research note issued to investors on Monday, Benzinga reports. Susquehanna currently has a neutral rating on the stock.

A number of other brokerages have also commented on PR. Citigroup boosted their price target on shares of Permian Resources from $17.00 to $19.00 and gave the company a buy rating in a research note on Friday, March 1st. Truist Financial decreased their price target on shares of Permian Resources from $24.00 to $22.00 and set a buy rating for the company in a research note on Friday, April 5th. Raymond James started coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They issued a strong-buy rating and a $24.00 target price for the company. Mizuho increased their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a report on Monday, April 15th. Finally, Benchmark increased their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Permian Resources currently has an average rating of Moderate Buy and an average price target of $19.31.

Permian Resources Stock Up 0.5 %

NASDAQ:PR opened at $17.26 on Monday. The company has a market cap of $13.32 billion, a PE ratio of 14.88 and a beta of 4.35. Permian Resources has a one year low of $8.94 and a one year high of $18.28. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The firm’s 50 day simple moving average is $16.58 and its 200 day simple moving average is $14.65.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, research analysts anticipate that Permian Resources will post 1.72 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.16%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s dividend payout ratio (DPR) is currently 17.24%.

Insider Transactions at Permian Resources

In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of Permian Resources stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the transaction, the insider now owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the transaction, the insider now owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock valued at $516,796,999 in the last quarter. 23.14% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after purchasing an additional 19,847,358 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new stake in Permian Resources during the 4th quarter valued at $353,683,000. Massachusetts Financial Services Co. MA raised its holdings in Permian Resources by 96.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after buying an additional 6,464,093 shares during the period. Dimensional Fund Advisors LP raised its holdings in Permian Resources by 16.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock valued at $145,546,000 after buying an additional 1,544,525 shares during the period. Finally, OnyxPoint Global Management LP purchased a new stake in Permian Resources during the 4th quarter valued at $114,159,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.