JPMorgan Chase & Co. Trims Permian Resources (NASDAQ:PR) Target Price to $17.00

Permian Resources (NASDAQ:PR) had its target price decreased by JPMorgan Chase & Co. from $20.00 to $17.00 in a report released on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other research analysts also recently issued research reports about the stock. Benchmark reaffirmed a buy rating and set a $17.00 price objective on shares of Permian Resources in a research note on Wednesday, August 7th. Royal Bank of Canada reaffirmed an outperform rating and set a $20.00 price target on shares of Permian Resources in a research note on Monday, August 12th. Susquehanna lowered their price objective on shares of Permian Resources from $16.00 to $15.00 and set a neutral rating for the company in a research note on Wednesday, September 4th. Citigroup cut their target price on Permian Resources from $20.00 to $18.00 and set a buy rating on the stock in a research report on Friday, August 9th. Finally, Wolfe Research assumed coverage on Permian Resources in a research report on Thursday, July 18th. They set a peer perform rating for the company. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $19.71.

Permian Resources Stock Performance

Shares of PR opened at $13.49 on Thursday. The company has a 50-day moving average of $14.75 and a two-hundred day moving average of $15.90. The stock has a market cap of $10.83 billion, a P/E ratio of 12.26, a PEG ratio of 0.71 and a beta of 4.33. Permian Resources has a 12-month low of $12.34 and a 12-month high of $18.28. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the business earned $0.27 earnings per share. The business’s revenue was up 99.9% on a year-over-year basis. As a group, research analysts predict that Permian Resources will post 1.63 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s dividend payout ratio is presently 21.82%.

Insider Activity

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently modified their holdings of PR. Vanguard Group Inc. raised its position in shares of Permian Resources by 11.2% during the 1st quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after acquiring an additional 5,432,654 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Permian Resources by 9.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock worth $268,213,000 after purchasing an additional 1,471,833 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Permian Resources by 16.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock worth $145,546,000 after buying an additional 1,544,525 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after buying an additional 1,555,884 shares during the period. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.