Permian Resources’ (PR) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Permian Resources (NYSE:PR) in a research report sent to investors on Monday morning, Benzinga reports. Royal Bank of Canada currently has a $17.00 price target on the stock.

PR has been the topic of a number of other reports. Mizuho decreased their price objective on shares of Permian Resources from $22.00 to $19.00 and set an outperform rating on the stock in a research note on Monday, September 16th. UBS Group decreased their price objective on shares of Permian Resources from $19.00 to $18.00 and set a buy rating on the stock in a research note on Wednesday, September 18th. The Goldman Sachs Group initiated coverage on shares of Permian Resources in a research report on Monday, September 30th. They issued a buy rating and a $19.00 target price on the stock. BMO Capital Markets upgraded shares of Permian Resources from a market perform rating to an outperform rating and set a $21.00 target price on the stock in a research report on Wednesday, July 3rd. Finally, Wells Fargo & Company cut their target price on shares of Permian Resources from $22.00 to $21.00 and set an overweight rating on the stock in a research report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Permian Resources currently has an average rating of Moderate Buy and an average target price of $19.00.

Permian Resources Stock Down 2.0 %

Shares of PR opened at $14.23 on Monday. Permian Resources has a 12 month low of $12.34 and a 12 month high of $18.28. The firm’s 50 day moving average is $14.08 and its 200-day moving average is $15.55. The stock has a market capitalization of $10.95 billion, a PE ratio of 12.93, a P/E/G ratio of 0.85 and a beta of 4.32. 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 (NYSE:PR) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same period last year, the firm posted $0.27 earnings per share. Equities research analysts forecast that Permian Resources will post 1.49 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.69%. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Insider Transactions at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after purchasing an additional 19,847,358 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Permian Resources by 480.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after acquiring an additional 5,012,287 shares in the last quarter. Bank of New York Mellon Corp increased its position 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 acquiring an additional 4,497,184 shares in the last quarter. Merewether Investment Management LP increased its position in shares of Permian Resources by 148.1% during the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock worth $95,292,000 after acquiring an additional 3,522,300 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in shares of Permian Resources by 16,359.8% during the second quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after acquiring an additional 3,451,923 shares in the last quarter. 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.