Permian Resources Corporation (NYSE:PR) Stock Now Rated “Buy” by Wall Street Analysts

Shares of Permian Resources Corporation (NYSE:PR) have been given an average rating of “Buy” by the twenty-two brokerages that are currently covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold rating, fourteen have given a buy rating and five have given a strong buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $24.83.

Several equities research analysts have recently commented on the company. Citigroup cut their price objective on Permian Resources from $26.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. Wells Fargo & Company upgraded shares of Permian Resources to a “strong-buy” rating in a report on Wednesday, September 2nd. Evercore assumed coverage on shares of Permian Resources in a research report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price target on the stock. Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a research report on Wednesday, August 19th. Finally, Truist Financial increased their price target on shares of Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, August 10th.

Permian Resources Stock Performance

PR opened at $21.34 on Friday. The business’s 50-day simple moving average is $22.18 and its 200 day simple moving average is $20.69. Permian Resources has a 52-week low of $11.92 and a 52-week high of $24.65. 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 capitalization of $17.88 billion, a PE ratio of 14.14 and a beta of 0.49.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The business’s revenue was up 55.1% compared to the same quarter last year. During the same period last year, the company earned $0.28 earnings per share. As a group, sell-side analysts expect that Permian Resources will post 2.27 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources’s dividend payout ratio is presently 42.38%.

Insider Activity at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 5,103 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the transaction, the executive vice president owned 537,400 shares of the company’s stock, valued at $12,763,250. The trade was a 0.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the sale, the executive vice president owned 1,561,680 shares in the company, valued at $37,089,900. This represents a 0.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 15,699 shares of company stock worth $372,851. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its holdings in Permian Resources by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock valued at $100,911,000 after purchasing an additional 85,509 shares during the last quarter. Sanctuary Advisors LLC boosted its position in Permian Resources by 35.3% during the first quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company’s stock worth $4,073,000 after purchasing an additional 49,798 shares during the period. Readystate Asset Management LP increased its holdings in shares of Permian Resources by 155.2% in the second quarter. Readystate Asset Management LP now owns 496,281 shares of the company’s stock valued at $9,137,000 after purchasing an additional 301,791 shares during the last quarter. Sterling Capital Management LLC increased its holdings in shares of Permian Resources by 98.0% in the first quarter. Sterling Capital Management LLC now owns 168,262 shares of the company’s stock valued at $3,587,000 after purchasing an additional 83,302 shares during the last quarter. Finally, HighTower Advisors LLC raised its position in shares of Permian Resources by 55.2% in the fourth quarter. HighTower Advisors LLC now owns 259,403 shares of the company’s stock valued at $3,639,000 after purchasing an additional 92,309 shares during the period. 91.84% of the stock is currently owned by institutional investors.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.