Brokerages Set Permian Resources Corporation (NYSE:PR) PT at $23.29

Shares of Permian Resources Corporation (NYSE:PR) have earned an average recommendation of “Buy” from the twenty-two analysts that are covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and five have assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $23.2941.

A number of analysts have recently issued reports on the stock. Truist Financial reduced their price target on shares of Permian Resources from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Raymond James Financial decreased their target price on shares of 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. Roth Capital set a $23.00 price target on shares of Permian Resources and gave the company a “buy” rating in a report on Monday, June 22nd. Wall Street Zen raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday. Finally, Evercore started coverage on Permian Resources in a report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price objective for the company.

Insider Activity

In related news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Permian Resources

Institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its position in Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after buying an additional 13,483,136 shares in the last quarter. Boston Partners increased its holdings in shares of Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after buying an additional 7,503,654 shares in the last quarter. Millennium Management LLC raised its stake in shares of Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after acquiring an additional 6,678,814 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Permian Resources in the first quarter valued at approximately $121,041,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Permian Resources by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after acquiring an additional 4,533,732 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $20.11 on Friday. Permian Resources has a 12 month low of $11.92 and a 12 month high of $22.67. The company has a quick ratio of 0.66, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The stock has a market cap of $16.84 billion, a PE ratio of 13.32 and a beta of 0.48. The business has a fifty day simple moving average of $19.57 and a 200-day simple moving average of $19.22.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the firm earned $0.44 earnings per share. Permian Resources’s quarterly revenue was up .9% on a year-over-year basis. On average, sell-side analysts anticipate that Permian Resources will post 1.94 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. Permian Resources’s dividend payout ratio (DPR) is 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.