Permian Resources (NASDAQ:PR) PT Lowered to $18.00 at UBS Group

Permian Resources (NASDAQ:PR) had its target price decreased by UBS Group from $19.00 to $18.00 in a research report report published on Wednesday morning, Benzinga reports. UBS Group currently has a buy rating on the stock.

PR has been the subject of a number of other research reports. Citigroup cut their target price on shares of Permian Resources from $20.00 to $18.00 and set a buy rating for the company in a research note on Friday, August 9th. Piper Sandler reduced their target price on Permian Resources from $23.00 to $21.00 and set an overweight rating for the company in a report on Thursday, August 15th. Mizuho lowered their price target on Permian Resources from $22.00 to $19.00 and set an outperform rating on the stock in a research note on Monday. BMO Capital Markets raised Permian Resources from a market perform rating to an outperform rating and set a $21.00 price objective for the company in a research note on Wednesday, July 3rd. Finally, Truist Financial raised their price objective on Permian Resources from $21.00 to $22.00 and gave the company a buy rating in a report on Tuesday, July 30th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $19.50.

Permian Resources Stock Performance

NASDAQ PR opened at $13.86 on Wednesday. The stock has a market capitalization of $10.67 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 0.71 and a beta of 4.33. The stock has a 50-day moving average of $14.66 and a 200 day moving average of $15.87. 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 has a twelve month low of $12.34 and a twelve month high of $18.28.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the company posted $0.27 EPS. The business’s quarterly revenue was up 99.9% on a year-over-year basis. Sell-side analysts anticipate that Permian Resources will post 1.63 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s payout ratio is presently 21.82%.

Insider Buying and Selling

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

Institutional Trading of Permian Resources

A number of large investors have recently modified their holdings of the stock. YHB Investment Advisors Inc. purchased a new stake in shares of Permian Resources during the first quarter worth approximately $26,000. Parallel Advisors LLC raised its holdings in shares of Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Permian Resources during the 2nd quarter worth $30,000. Rise Advisors LLC acquired a new position in shares of Permian Resources during the first quarter worth $32,000. Finally, Transcendent Capital Group LLC purchased a new position in Permian Resources in the first quarter valued at $36,000. 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.