Permian Resources Corporation (NYSE:PR) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Permian Resources Corporation (NYSE:PR) have been assigned an average recommendation of “Buy” from the twenty-two analysts that are presently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and four have assigned a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $23.3529.

A number of equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. Morgan Stanley lowered their price target on Permian Resources from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Monday, June 29th. Raymond James Financial dropped their price objective on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a research note on Wednesday, June 17th. TD Cowen lifted their price objective on Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. Finally, Scotiabank boosted their target price on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 5.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock valued at $1,057,930,000 after purchasing an additional 3,941,318 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Permian Resources by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after purchasing an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares in the last quarter. State Street Corp increased its stake in shares of Permian Resources by 2.0% during the 4th quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after purchasing an additional 460,158 shares in the last quarter. Finally, Boston Partners increased its stake in shares of Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after purchasing an additional 7,503,654 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

Shares of PR opened at $19.61 on Tuesday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources has a 52-week low of $11.92 and a 52-week high of $22.67. The company has a 50-day simple moving average of $19.52 and a 200-day simple moving average of $18.40. The company has a market capitalization of $16.42 billion, a PE ratio of 22.80 and a beta of 0.46.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the firm earned $0.44 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. Equities research analysts predict that Permian Resources will post 1.95 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a $0.16 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. Permian Resources’s dividend payout ratio (DPR) is currently 74.42%.

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.