Analysts Set Permian Resources Co. (NYSE:PR) Price Target at $18.87

Permian Resources Co. (NYSE:PR) has received an average rating of “Moderate Buy” from the sixteen ratings firms that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $18.87.

PR has been the topic of a number of recent research reports. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research note on Monday, October 14th. Mizuho reduced their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Piper Sandler dropped their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Wells Fargo & Company reduced their price objective on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Finally, Truist Financial boosted their target price on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th.

Permian Resources Stock Performance

NYSE:PR opened at $15.14 on Friday. Permian Resources has a fifty-two week low of $12.59 and a fifty-two week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a 50 day moving average price of $14.65 and a 200 day moving average price of $14.67. The stock has a market capitalization of $12.16 billion, a P/E ratio of 9.18, a PEG ratio of 0.88 and a beta of 4.35.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period last year, the business posted $0.36 earnings per share. Equities research analysts forecast that Permian Resources will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.96%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s payout ratio is presently 36.36%.

Institutional Investors Weigh In On Permian Resources

Several hedge funds have recently made changes to their positions in the business. Hexagon Capital Partners LLC increased its position in shares of Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after buying an additional 1,998 shares in the last quarter. UMB Bank n.a. grew its stake in Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after acquiring an additional 1,390 shares during the last quarter. Sunbelt Securities Inc. increased its holdings in Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after acquiring an additional 800 shares in the last quarter. Blue Trust Inc. raised its position in Permian Resources by 399.5% during the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after acquiring an additional 2,629 shares during the last quarter. Finally, National Bank of Canada FI purchased a new stake in shares of Permian Resources in the third quarter valued at about $45,000. Institutional investors and hedge funds 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.