Permian Resources Corporation (NYSE:PR) Receives $19.07 Average Price Target from Analysts

Shares of Permian Resources Corporation (NYSE:PR) have been assigned a consensus rating of “Moderate Buy” from the seventeen analysts that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, thirteen have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $19.0667.

Several research firms have recently weighed in on PR. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Wells Fargo & Company reduced their target price on Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th. The Goldman Sachs Group raised their price target on Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Royal Bank Of Canada upped their price objective on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Thursday, October 9th. Finally, Scotiabank started coverage on Permian Resources in a research report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price objective on the stock.

Permian Resources Stock Performance

Shares of PR opened at $14.05 on Friday. Permian Resources has a 12-month low of $10.01 and a 12-month high of $16.03. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. The company has a market cap of $11.65 billion, a PE ratio of 12.89 and a beta of 0.70. The stock has a 50-day moving average price of $13.56 and a 200-day moving average price of $13.65.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the business earned $0.53 earnings per share. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Wednesday, December 17th. Permian Resources’s dividend payout ratio (DPR) is presently 55.05%.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently made changes to their positions in PR. Bank of New York Mellon Corp boosted its position in Permian Resources by 86.8% during the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock valued at $326,380,000 after buying an additional 11,133,354 shares during the period. Boston Partners bought a new stake in shares of Permian Resources in the 2nd quarter valued at about $134,119,000. Vanguard Group Inc. lifted its stake in shares of Permian Resources by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after acquiring an additional 6,705,644 shares during the last quarter. Millennium Management LLC boosted its holdings in Permian Resources by 210.6% during the 3rd 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 period. Finally, Dimensional Fund Advisors LP grew its position in Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after acquiring an additional 4,691,280 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.