Permian Resources Co. (NASDAQ:PR) Receives $19.31 Average Price Target from Brokerages

Shares of Permian Resources Co. (NASDAQ:PR) have been assigned a consensus rating of “Moderate Buy” from the fourteen brokerages that are presently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $19.31.

PR has been the topic of several research analyst reports. Stifel Nicolaus raised their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Piper Sandler lifted their price target on shares of Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Citigroup upped their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Benchmark reaffirmed a “buy” rating and set a $17.00 target price on shares of Permian Resources in a research note on Tuesday, April 23rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Friday, April 12th.

Insider Buying and Selling

In related news, Director Robert John Anderson sold 1,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the transaction, the director now owns 476,306 shares in the company, valued at approximately $7,482,767.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Robert John Anderson sold 1,000,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $15,710,000.00. Following the completion of the sale, the director now directly owns 476,306 shares of the company’s stock, valued at approximately $7,482,767.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brent P. Jensen sold 203,687 shares of the business’s 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 of the company’s stock, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 over the last 90 days. Company insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds have recently added to or reduced their stakes in PR. Azzad Asset Management Inc. ADV boosted its stake in shares of Permian Resources by 2.0% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock worth $677,000 after buying an additional 740 shares during the last quarter. Arizona State Retirement System lifted its holdings in Permian Resources by 1.5% during the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock valued at $999,000 after purchasing an additional 1,041 shares during the last quarter. Truist Financial Corp boosted its position in Permian Resources by 9.4% during the fourth quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after purchasing an additional 1,086 shares during the period. Parallel Advisors LLC increased its stake in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after purchasing an additional 1,178 shares in the last quarter. Finally, Navellier & Associates Inc. raised its holdings in Permian Resources by 11.3% during the 4th quarter. Navellier & Associates Inc. now owns 11,688 shares of the company’s stock valued at $159,000 after acquiring an additional 1,187 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Trading Up 1.3 %

Shares of NASDAQ:PR opened at $16.93 on Friday. The stock has a market cap of $13.07 billion, a PE ratio of 14.59 and a beta of 4.32. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources has a 12-month low of $8.94 and a 12-month high of $18.28. The business has a 50 day moving average of $16.90 and a 200-day moving average of $14.78.

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

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s dividend payout ratio is 17.24%.

About Permian Resources

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.