Permian Resources (NASDAQ:PR) Upgraded to Outperform by BMO Capital Markets

BMO Capital Markets upgraded shares of Permian Resources (NASDAQ:PR) from a market perform rating to an outperform rating in a research report report published on Wednesday morning, Marketbeat Ratings reports. BMO Capital Markets currently has $21.00 price objective on the stock.

PR has been the topic of several other reports. Stifel Nicolaus lifted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a report on Friday, March 22nd. Truist Financial upped their target price on Permian Resources from $22.00 to $23.00 and gave the company a buy rating in a research report on Monday, April 22nd. Royal Bank of Canada reissued an outperform rating and issued a $17.00 price target on shares of Permian Resources in a report on Friday, April 12th. Susquehanna upped their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the company a neutral rating in a report on Monday, April 22nd. Finally, Wells Fargo & Company lifted their target price on shares of Permian Resources from $18.00 to $21.00 and gave the stock an overweight rating in a research note on Wednesday, April 17th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Permian Resources presently has an average rating of Buy and a consensus price target of $20.36.

Permian Resources Price Performance

Shares of PR stock opened at $16.79 on Wednesday. The stock’s 50-day moving average is $16.15 and its 200 day moving average is $15.48. Permian Resources has a 1-year low of $10.31 and a 1-year high of $18.28. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. The company has a market cap of $12.93 billion, a P/E ratio of 15.26, a PEG ratio of 0.63 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. Research analysts predict that Permian Resources will post 1.78 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend was Monday, May 20th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio is currently 21.82%.

Insider Activity at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the sale, the director now directly owns 158,665 shares in the company, valued at approximately $2,605,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in PR. Envestnet Asset Management Inc. raised its holdings in Permian Resources by 80.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 305,185 shares of the company’s stock valued at $4,260,000 after acquiring an additional 135,949 shares during the last quarter. FMR LLC lifted its position in Permian Resources by 20.3% during the third quarter. FMR LLC now owns 184,640 shares of the company’s stock worth $2,578,000 after buying an additional 31,184 shares in the last quarter. Mariner LLC boosted its stake in Permian Resources by 20.6% during the third quarter. Mariner LLC now owns 38,772 shares of the company’s stock worth $541,000 after buying an additional 6,617 shares during the last quarter. Federated Hermes Inc. purchased a new stake in Permian Resources in the 3rd quarter valued at $477,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Permian Resources by 317.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after acquiring an additional 18,398 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.