Permian Resources Corporation (NYSE:PR) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Permian Resources Corporation (NYSE:PR) have received an average rating of “Moderate Buy” from the sixteen analysts that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, eleven have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $18.7857.

A number of analysts recently issued reports on PR shares. Bank of America reissued a “neutral” rating and set a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research report on Friday. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Mizuho lifted their target price on shares of Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Wells Fargo & Company lowered their price target on Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a research report on Friday, October 17th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th.

Insider Transactions at Permian Resources

In related news, EVP Robert Regan Shannon sold 106,405 shares of the business’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the completion of the transaction, the executive vice president directly owned 360,667 shares of the company’s stock, valued at $4,915,891.21. The trade was a 22.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John Charles Bell sold 106,399 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $1,450,218.37. Following the completion of the sale, the executive vice president directly owned 376,442 shares in the company, valued at $5,130,904.46. This represents a 22.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 2,210,456 shares of company stock valued at $30,231,728 in the last 90 days. Insiders own 6.44% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PR. Vanguard Group Inc. raised its holdings 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 purchasing an additional 6,705,644 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Permian Resources by 20.9% during the third 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 period. Bank of New York Mellon Corp lifted its stake in shares of Permian Resources by 86.8% in 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 purchasing an additional 11,133,354 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Permian Resources by 8.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after purchasing an additional 1,421,059 shares during the last quarter. Finally, Boston Partners increased its position in 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. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Permian Resources stock opened at $14.39 on Tuesday. 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 50-day moving average price of $14.13 and a 200 day moving average price of $13.63. Permian Resources has a 12-month low of $10.01 and a 12-month high of $16.03. The stock has a market cap of $11.93 billion, a P/E ratio of 13.20 and a beta of 0.66.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The company’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.53 earnings per share. Sell-side analysts anticipate that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were paid a $0.15 dividend. The ex-dividend date was Wednesday, December 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.2%. Permian Resources’s payout ratio is 55.05%.

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.