Permian Resources Corporation (NYSE:PR) Given Average Rating of “Buy” by Brokerages

Permian Resources Corporation (NYSE:PR) has been assigned an average recommendation of “Buy” from the twenty-one ratings firms that are covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and five have assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $23.6471.

A number of brokerages have weighed in on PR. Wall Street Zen raised Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Weiss Ratings raised Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a report on Thursday, August 13th. Wells Fargo & Company raised their price objective on Permian Resources from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Raymond James Financial restated a “strong-buy” rating and issued a $29.00 target price on shares of Permian Resources in a report on Thursday, August 27th. Finally, UBS Group decreased their target price on Permian Resources from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Friday, July 17th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. SHP Wealth Management acquired a new position in Permian Resources during the 4th quarter worth $27,000. SJS Investment Consulting Inc. grew its position in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after purchasing an additional 1,341 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Permian Resources in the fourth quarter worth about $39,000. State of Wyoming increased its stake in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares during the period. Finally, Cedar Mountain Advisors LLC acquired a new position in shares of Permian Resources during the 1st quarter worth about $48,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Price Performance

Shares of PR opened at $23.80 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a market cap of $19.93 billion, a PE ratio of 15.76 and a beta of 0.49. The firm’s 50 day moving average price is $20.71 and its 200 day moving average price is $20.07. Permian Resources has a twelve month low of $11.92 and a twelve month high of $24.09.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the business posted $0.28 EPS. Permian Resources’s quarterly revenue was up 55.1% on a year-over-year basis. As a group, research analysts expect that Permian Resources will post 2.24 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources’s dividend payout ratio is currently 42.38%.

About Permian Resources

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.