Brokerages Set Permian Resources Corporation (NYSE:PR) Target Price at $22.38

Shares of Permian Resources Corporation (NYSE:PR) have been given an average rating of “Buy” by the twenty-one ratings firms that are currently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and four have assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $22.3750.

PR has been the topic of several research reports. Benchmark cut shares of Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Scotiabank boosted their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 22nd. The Goldman Sachs Group boosted their price objective on shares of Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. Roth Mkm reaffirmed a “neutral” rating and issued a $22.00 price objective (up from $20.00) on shares of Permian Resources in a research report on Wednesday, April 8th. Finally, Truist Financial boosted their price objective on shares of Permian Resources from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th.

Permian Resources Trading Up 0.1%

PR opened at $20.45 on Monday. The stock has a market capitalization of $17.12 billion, a P/E ratio of 23.78 and a beta of 0.52. Permian Resources has a 12 month low of $11.92 and a 12 month high of $22.67. The firm’s fifty day simple moving average is $20.53 and its 200 day simple moving average is $17.11. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm’s revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 EPS. As a group, research analysts anticipate that Permian Resources will post 1.97 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, June 16th. Permian Resources’s payout ratio is presently 74.42%.

Insider Transactions at Permian Resources

In other Permian Resources news, Director Jeffrey Tepper sold 50,000 shares of Permian Resources stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $19.38, for a total value of $969,000.00. Following the sale, the director directly owned 150,546 shares in the company, valued at approximately $2,917,581.48. The trade was a 24.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James H. Walter sold 673,425 shares of Permian Resources stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the completion of the sale, the chief executive officer owned 9,389,405 shares in the company, valued at $172,577,263.90. The trade was a 6.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 3,192,835 shares of company stock worth $60,120,653. 5.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PR. SHP Wealth Management acquired a new stake in Permian Resources in the 4th quarter valued at $27,000. SJS Investment Consulting Inc. increased its stake in Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after buying an additional 1,341 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Permian Resources during the 4th quarter worth about $39,000. State of Wyoming increased its stake in shares of Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares during the last quarter. Finally, Cedar Mountain Advisors LLC acquired a new position in shares of Permian Resources during the 1st quarter worth about $48,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.