Permian Resources Corporation (NYSE:PR) Stock Has Consensus Target Price of $26.61

Shares of Permian Resources Corporation (NYSE:PR) have earned a consensus rating of “Buy” from the twenty-two analysts that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and five have given a strong buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $26.61.

Several analysts recently weighed in on PR shares. Seaport Research Partners assumed coverage on Permian Resources in a report on Thursday, September 3rd. They set a “buy” rating and a $29.00 price target for the company. Mizuho upgraded Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Weiss Ratings raised Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Zacks Research upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 6th. Finally, Susquehanna boosted their price target on Permian Resources from $25.00 to $30.00 and gave the company a “positive” rating in a research note on Tuesday, October 20th.

Permian Resources Price Performance

Shares of NYSE PR opened at $22.32 on Monday. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.22. The company has a market cap of $18.69 billion, a PE ratio of 11.62 and a beta of 0.62. Permian Resources has a twelve month low of $13.18 and a twelve month high of $26.07. The business’s 50 day moving average price is $23.28 and its two-hundred day moving average price is $20.64.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.08. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.78 billion. Permian Resources had a return on equity of 15.56% and a net margin of 25.04%. The company’s quarterly revenue was up 48.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.08 EPS. On average, analysts predict that Permian Resources will post 2.62 EPS for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Thursday, December 17th. Permian Resources’s dividend payout ratio (DPR) is currently 33.33%.

Insider Buying and Selling at Permian Resources

In other news, EVP Robert Shannon sold 5,104 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,220.00. Following the completion of the transaction, the executive vice president directly owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. The trade was a 0.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the firm’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the sale, the executive vice president directly owned 1,561,680 shares in the company, valued at approximately $37,089,900. This represents a 0.35% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 15,699 shares of company stock valued at $372,851 in the last ninety days. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Provenance Wealth Advisors LLC bought a new stake in Permian Resources during the 3rd quarter worth $26,000. Heritage Family Offices LLP bought a new position in Permian Resources in the third quarter valued at about $35,000. Essential Partners LLC raised its position in Permian Resources by 4,400.0% in the first quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after purchasing an additional 3,168 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Permian Resources during the first quarter valued at about $72,000. Finally, Bessemer Group Inc. boosted its stake in shares of Permian Resources by 21.3% during the first quarter. Bessemer Group Inc. now owns 3,537 shares of the company’s stock valued at $76,000 after purchasing an additional 621 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico. The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.