Analysts Set Permian Resources Co. (NASDAQ:PR) Target Price at $20.00

Permian Resources Co. (NASDAQ:PR) has been given a consensus recommendation of “Moderate Buy” by the sixteen brokerages that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $19.93.

PR has been the topic of a number of recent research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 target price on shares of Permian Resources in a research note on Monday, August 12th. Truist Financial boosted 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. Piper Sandler dropped their price target on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Wednesday, July 3rd. Finally, Citigroup lowered their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th.

Hedge Funds Weigh In On Permian Resources

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Permian Resources by 11.2% during the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock worth $949,189,000 after buying an additional 5,432,654 shares in the last quarter. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Permian Resources during the 4th quarter worth $353,683,000. Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 9.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock worth $268,213,000 after acquiring an additional 1,471,833 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Permian Resources by 16.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock valued at $145,546,000 after purchasing an additional 1,544,525 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Performance

Permian Resources stock opened at $13.58 on Friday. The company has a market cap of $10.90 billion, a PE ratio of 12.35, a P/E/G ratio of 0.77 and a beta of 4.33. Permian Resources has a 12 month low of $12.34 and a 12 month high of $18.28. The company has a fifty day moving average price of $15.19 and a two-hundred day moving average price of $15.98. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the business posted $0.27 EPS. The company’s quarterly revenue was up 99.9% on a year-over-year basis. Research analysts expect that Permian Resources will post 1.63 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s payout ratio is 21.82%.

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.