Permian Resources (NYSE:PR) Price Target Raised to $30.00

Permian Resources (NYSE:PR) had its price target increased by Susquehanna from $25.00 to $30.00 in a research report report published on Tuesday morning, MarketBeat reports. Susquehanna currently has a positive rating on the stock.

A number of other research analysts also recently commented on the company. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $27.00 target price on shares of Permian Resources in a report on Thursday, September 24th. Wall Street Zen upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 8th. Raymond James Financial reiterated a “strong-buy” rating and issued a $29.00 price target on shares of Permian Resources in a report on Thursday, August 27th. Weiss Ratings raised Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Finally, KeyCorp raised their price objective on Permian Resources from $25.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 15th. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Permian Resources has an average rating of “Buy” and a consensus target price of $26.39.

Permian Resources Trading Down 1.8%

NYSE:PR opened at $24.39 on Tuesday. The stock has a market cap of $20.42 billion, a price-to-earnings ratio of 16.15 and a beta of 0.66. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. Permian Resources has a one year low of $12.06 and a one year high of $25.21. The business’s 50-day simple moving average is $23.06 and its 200 day simple moving average is $21.08.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.28 EPS. As a group, sell-side analysts predict that Permian Resources will post 2.37 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Wednesday, September 16th. Permian Resources’s dividend payout ratio is presently 42.38%.

Insider Buying and Selling

In related news, EVP Robert Shannon sold 5,104 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the transaction, the executive vice president directly owned 1,346,698 shares in the company, valued at $31,984,077.50. This represents a 0.38% decrease in their position. 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 on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the transaction, the executive vice president owned 1,561,680 shares of the company’s stock, valued at approximately $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. 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 90 days, insiders have sold 15,699 shares of company stock valued at $372,851. Insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Hedge funds have recently added to or reduced their stakes in the stock. SJS Investment Consulting Inc. grew its position in shares of Permian Resources by 1,862.5% during the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after acquiring an additional 1,341 shares during the last quarter. SHP Wealth Management acquired a new stake in shares of Permian Resources in the 4th quarter worth about $27,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Permian Resources in the 1st quarter worth about $48,000. Essential Partners LLC lifted its position in Permian Resources by 4,400.0% in the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after purchasing an additional 3,168 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in Permian Resources in the 1st quarter valued at about $72,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.