Truist Financial Trims Permian Resources (NYSE:PR) Target Price to $18.00

Permian Resources (NYSE:PR) had its price objective cut by Truist Financial from $22.00 to $18.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued research reports about the stock. Royal Bank of Canada reaffirmed an outperform rating and set a $20.00 target price on shares of Permian Resources in a report on Monday, August 12th. The Goldman Sachs Group initiated coverage on Permian Resources in a research report on Monday. They issued a buy rating and a $19.00 price objective on the stock. UBS Group dropped their price objective on Permian Resources from $19.00 to $18.00 and set a buy rating for the company in a research note on Wednesday, September 18th. Citigroup decreased their target price on Permian Resources from $20.00 to $18.00 and set a buy rating on the stock in a research note on Friday, August 9th. Finally, Bank of America reiterated a buy rating and set a $20.00 price target on shares of Permian Resources in a research report on Friday, June 14th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $19.20.

Permian Resources Price Performance

Permian Resources stock opened at $14.00 on Monday. The firm has a market capitalization of $11.24 billion, a P/E ratio of 12.73, a PEG ratio of 0.78 and a beta of 4.33. Permian Resources has a one year low of $12.34 and a one year high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The business has a fifty day moving average price of $14.14 and a 200-day moving average price of $15.71.

Permian Resources (NYSE:PR) last posted its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the previous year, the firm earned $0.27 EPS. The company’s quarterly revenue was up 99.9% compared to the same quarter last year. As a group, equities research analysts forecast that Permian Resources will post 1.53 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.71%. Permian Resources’s dividend payout ratio (DPR) is 21.82%.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. YHB Investment Advisors Inc. bought a new stake in shares of Permian Resources in the 1st quarter worth approximately $26,000. Rise Advisors LLC purchased a new position in Permian Resources during the 1st quarter valued at $32,000. Innealta Capital LLC bought a new position in Permian Resources in the 2nd quarter worth $30,000. Transcendent Capital Group LLC purchased a new stake in shares of Permian Resources in the 1st quarter worth about $36,000. Finally, Parallel Advisors LLC boosted its stake 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 valued at $30,000 after purchasing an additional 1,178 shares in the last quarter. Hedge funds and other 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.