Permian Resources (NASDAQ:PR) Stock Rating Reaffirmed by Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Permian Resources (NASDAQ:PR) in a report published on Thursday, Benzinga reports. Royal Bank of Canada currently has a $20.00 price target on the stock.

PR has been the topic of several other reports. BMO Capital Markets raised Permian Resources from a market perform rating to an outperform rating and set a $21.00 price target on the stock in a research report on Wednesday, July 3rd. Mizuho raised their target price on Permian Resources from $20.00 to $21.00 and gave the company a buy rating in a research report on Wednesday, May 8th. Raymond James started coverage on Permian Resources in a research report on Tuesday, April 9th. They set a strong-buy rating and a $24.00 target price on the stock. Truist Financial raised their target price on Permian Resources from $22.00 to $23.00 and gave the company a buy rating in a research report on Monday, April 22nd. Finally, Benchmark restated a buy rating and set a $17.00 target price on shares of Permian Resources in a research report on Tuesday, April 23rd. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources presently has a consensus rating of Buy and a consensus price target of $20.57.

Permian Resources Price Performance

Shares of PR opened at $16.32 on Thursday. The business’s 50-day moving average is $16.05 and its two-hundred day moving average is $15.63. The company has a market capitalization of $12.57 billion, a P/E ratio of 14.84, a P/E/G ratio of 0.65 and a beta of 4.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55. Permian Resources has a fifty-two week low of $10.59 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.06. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. Research analysts predict that Permian Resources will post 1.75 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.47%. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio (DPR) is currently 21.82%.

Insider Transactions at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the sale, the director now owns 158,665 shares in the company, valued at approximately $2,605,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC purchased a new stake in shares of Permian Resources during the 1st quarter worth $25,000. YHB Investment Advisors Inc. purchased a new stake in shares of Permian Resources during the 1st quarter worth $26,000. Rise Advisors LLC purchased a new stake in shares of Permian Resources during the 1st quarter worth $32,000. Transcendent Capital Group LLC purchased a new stake in shares of Permian Resources during the 1st quarter worth $36,000. Finally, Parallel Advisors LLC lifted its position in shares of Permian Resources by 117.0% during the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after purchasing an additional 1,178 shares during the last quarter. Institutional investors and hedge funds 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.