Benchmark Reiterates Buy Rating for Permian Resources (NASDAQ:PR)

Benchmark restated their buy rating on shares of Permian Resources (NASDAQ:PR) in a research report released on Tuesday, Benzinga reports. The brokerage currently has a $17.00 price objective on the stock.

Several other analysts have also recently weighed in on the company. Stifel Nicolaus raised their price target on Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a report on Friday, March 22nd. Wells Fargo & Company raised their price target on Permian Resources from $18.00 to $21.00 and gave the company an overweight rating in a report on Wednesday, April 17th. Raymond James assumed coverage on Permian Resources in a report on Tuesday, April 9th. They issued a strong-buy rating and a $24.00 price target on the stock. Royal Bank of Canada reaffirmed an outperform rating and issued a $17.00 price target on shares of Permian Resources in a report on Friday, April 12th. Finally, Piper Sandler increased their price objective on Permian Resources from $22.00 to $23.00 and gave the company an overweight rating in a research report on Friday, April 19th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $19.31.

Permian Resources Stock Performance

Shares of PR opened at $17.37 on Tuesday. The stock’s 50-day simple moving average is $16.69 and its 200 day simple moving average is $14.69. The stock has a market capitalization of $13.41 billion, a price-to-earnings ratio of 14.97 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. Permian Resources has a 52-week low of $8.94 and a 52-week high of $18.28.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Research analysts forecast that Permian Resources will post 1.66 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were paid a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.15%. Permian Resources’s dividend payout ratio (DPR) is currently 17.24%.

Insiders Place Their Bets

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director William J. Quinn sold 18,076,849 shares of Permian Resources stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the sale, the director now directly owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the sale, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock valued at $516,796,999 in the last ninety days. Company insiders own 23.14% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several hedge funds have recently made changes to their positions in PR. Tower Research Capital LLC TRC boosted its holdings in Permian Resources by 317.9% in the third quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after acquiring an additional 18,398 shares in the last quarter. Zweig DiMenna Associates LLC boosted its holdings in Permian Resources by 35.6% in the third quarter. Zweig DiMenna Associates LLC now owns 501,300 shares of the company’s stock worth $6,998,000 after acquiring an additional 131,500 shares in the last quarter. Comerica Bank boosted its holdings in Permian Resources by 110,645.5% in the third quarter. Comerica Bank now owns 946,874 shares of the company’s stock worth $13,218,000 after acquiring an additional 946,019 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in Permian Resources by 7.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company’s stock worth $42,584,000 after acquiring an additional 210,870 shares in the last quarter. Finally, Raymond James & Associates boosted its holdings in Permian Resources by 26.1% in the fourth quarter. Raymond James & Associates now owns 634,123 shares of the company’s stock worth $8,624,000 after acquiring an additional 131,078 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

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.