Permian Resources (NASDAQ:PR) Price Target Lowered to $16.00 at Susquehanna

Permian Resources (NASDAQ:PR) had its target price lowered by Susquehanna from $18.00 to $16.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Truist Financial upped their target price on shares of Permian Resources from $21.00 to $22.00 and gave the company a buy rating in a research note on Tuesday, July 30th. Wells Fargo & Company upped their price objective on Permian Resources from $18.00 to $21.00 and gave the company an overweight rating in a research note on Wednesday, April 17th. BMO Capital Markets upgraded Permian Resources from a market perform rating to an outperform rating and set a $21.00 target price for the company in a research report on Wednesday, July 3rd. UBS Group upgraded Permian Resources from a neutral rating to a buy rating and raised their price objective for the stock from $20.00 to $21.00 in a research note on Friday, June 14th. Finally, Benchmark restated a buy rating and set a $17.00 price objective on shares of Permian Resources in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources has a consensus rating of Moderate Buy and a consensus price target of $20.14.

Permian Resources Price Performance

PR stock opened at $14.61 on Thursday. The stock’s 50 day moving average is $15.56 and its two-hundred day moving average is $15.90. Permian Resources has a 52-week low of $12.10 and a 52-week high of $18.28. The company has a market capitalization of $11.25 billion, a PE ratio of 13.28, a P/E/G ratio of 0.53 and a beta of 4.37. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 12.45%. The business’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.27 earnings per share. Analysts predict that Permian Resources will post 1.72 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 1.64%. Permian Resources’s dividend payout ratio is presently 21.82%.

Insider Buying and Selling

In other news, Director Jeffrey Tepper sold 65,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the transaction, the director now directly owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently bought and sold shares of PR. Mutual of America Capital Management LLC raised its holdings in Permian Resources by 7.4% during the 2nd quarter. Mutual of America Capital Management LLC now owns 643,521 shares of the company’s stock worth $10,393,000 after buying an additional 44,482 shares during the period. Renaissance Technologies LLC boosted its stake in Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after purchasing an additional 1,555,884 shares during the period. Quantbot Technologies LP grew its position in Permian Resources by 54.3% during the 2nd quarter. Quantbot Technologies LP now owns 558,579 shares of the company’s stock worth $9,021,000 after purchasing an additional 196,542 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Permian Resources by 9.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock worth $268,213,000 after purchasing an additional 1,471,833 shares in the last quarter. Finally, Inspire Advisors LLC acquired a new stake in Permian Resources during the 2nd quarter valued at $620,000. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.