Permian Resources (NYSE:PR) Hits New 12-Month High Following Analyst Upgrade

Permian Resources Corporation (NYSE:PR)’s share price reached a new 52-week high on Monday after Royal Bank Of Canada raised their price target on the stock from $18.00 to $20.00. Royal Bank Of Canada currently has an outperform rating on the stock. Permian Resources traded as high as $19.09 and last traded at $18.6970, with a volume of 1596626 shares. The stock had previously closed at $18.29.

Other equities analysts also recently issued research reports about the stock. Zacks Research raised shares of Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. UBS Group upped their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Piper Sandler dropped their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. Morgan Stanley reduced their price target on Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $21.00 price target on shares of Permian Resources in a research report on Thursday, February 26th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and an average price target of $18.92.

Insiders Place Their Bets

In other news, CEO William M. Hickey III sold 467,725 shares of Permian Resources stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the completion of the sale, the chief executive officer directly owned 1,010,136 shares in the company, valued at $13,768,153.68. The trade was a 31.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Charles Bell sold 106,399 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,218.37. Following the completion of the transaction, the executive vice president owned 376,442 shares in the company, valued at $5,130,904.46. This represents a 22.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,210,456 shares of company stock valued at $30,231,728 in the last three months. Company insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its position in shares of Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after buying an additional 13,483,136 shares during the last quarter. Boston Partners bought a new position in shares of Permian Resources in the 2nd quarter valued at approximately $134,119,000. Vanguard Group Inc. raised 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 in the last quarter. Millennium Management LLC lifted its holdings in Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after purchasing an additional 6,678,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position 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 purchasing an additional 4,691,280 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Performance

The company has a market cap of $15.21 billion, a price-to-earnings ratio of 14.67 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a fifty day simple moving average of $15.70 and a 200 day simple moving average of $14.28.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. Permian Resources’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.36 earnings per share. On average, sell-side analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a $0.16 dividend. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, March 17th. Permian Resources’s dividend payout ratio (DPR) is 48.00%.

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.