Permian Resources (NYSE:PR) Coverage Initiated at Morgan Stanley

Morgan Stanley initiated coverage on shares of Permian Resources (NYSE:PR) in a research note published on Friday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $19.00 target price on the stock.

Several other equities analysts have also recently issued reports on PR. Benchmark reduced their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Mizuho reduced their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. The Goldman Sachs Group assumed coverage on Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 price target on the stock. Finally, UBS Group lowered their price objective on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and an average target price of $18.88.

Permian Resources Stock Up 1.1 %

NYSE PR opened at $15.15 on Friday. Permian Resources has a 1 year low of $12.59 and a 1 year high of $18.28. The stock has a market capitalization of $12.17 billion, a PE ratio of 9.18, a PEG ratio of 0.88 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The business’s 50-day moving average is $14.79 and its 200 day moving average is $14.65.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The firm had revenue of $1.22 billion for 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 business’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same period last year, the company earned $0.36 EPS. Sell-side analysts forecast that Permian Resources will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

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

Insider Buying and Selling at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. grew its stake in shares of Permian Resources by 58.3% in the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after acquiring an additional 2,023,742 shares during the period. Tributary Capital Management LLC boosted its holdings in Permian Resources by 8,360.8% in the third quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock worth $699,000 after purchasing an additional 50,750 shares during the last quarter. South Street Advisors LLC bought a new stake in Permian Resources in the 3rd quarter worth approximately $7,142,000. Oppenheimer Asset Management Inc. purchased a new stake in Permian Resources during the 3rd quarter valued at $556,000. Finally, King Luther Capital Management Corp lifted its holdings in shares of Permian Resources by 8.3% during the 3rd quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company’s stock valued at $71,241,000 after buying an additional 402,515 shares during the period. Hedge funds and other 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.