Permian Resources (NASDAQ:PR) Given New $23.00 Price Target at Truist Financial

Permian Resources (NASDAQ:PR) had its price objective hoisted by Truist Financial from $22.00 to $23.00 in a research note issued to investors on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other brokerages have also commented on PR. Wells Fargo & Company lifted their price objective on Permian Resources from $18.00 to $21.00 and gave the stock an overweight rating in a report on Wednesday, April 17th. Benchmark lifted their price objective on Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a report on Tuesday, March 5th. Citigroup lifted their price objective on Permian Resources from $17.00 to $19.00 and gave the stock a buy rating in a report on Friday, March 1st. Mizuho lifted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a report on Monday, April 15th. Finally, Bank of America assumed coverage on Permian Resources in a report on Friday, January 5th. They set a neutral rating and a $15.00 price target for the company. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Permian Resources currently has a consensus rating of Moderate Buy and a consensus price target of $19.31.

Permian Resources Stock Up 0.4 %

Permian Resources stock opened at $17.33 on Monday. The firm has a market cap of $13.38 billion, a price-to-earnings ratio of 14.94 and a beta of 4.35. The stock has a fifty day simple moving average of $16.63 and a two-hundred day simple moving average of $14.67. Permian Resources has a 12 month low of $8.94 and a 12 month high of $18.28. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Equities analysts predict that Permian Resources will post 1.66 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.15%. Permian Resources’s dividend payout ratio is 17.24%.

Insider Activity

In related news, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total value of $283,987,297.79. Following the transaction, the director now owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the completion of the sale, the director now owns 476,306 shares in the company, valued at $7,482,767.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $15.71, for a total value of $283,987,297.79. Following the sale, the director now owns 71,056,620 shares of the company’s stock, valued at approximately $1,116,299,500.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. 23.14% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

A number of hedge funds have recently bought and sold shares of PR. Global Retirement Partners LLC purchased a new stake in shares of Permian Resources during the 1st quarter valued at $25,000. Rise Advisors LLC purchased a new position in Permian Resources in the 1st quarter worth $32,000. Parallel Advisors LLC raised its stake in Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after acquiring an additional 1,178 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Permian Resources in the 4th quarter worth $33,000. Finally, GAMMA Investing LLC purchased a new position in Permian Resources in the 4th quarter worth $43,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.