Permian Resources Co. (NYSE:PR – Get Free Report) has received an average recommendation of “Moderate Buy” from the seventeen brokerages that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, fourteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $19.13.
PR has been the subject of several research analyst reports. Morgan Stanley assumed coverage on shares of Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price target for the company. Piper Sandler lifted their price target on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Benchmark lowered their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Finally, Truist Financial raised their price target on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th.
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Permian Resources Price Performance
Permian Resources (NYSE:PR – Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (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 the consensus estimate of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources’s revenue was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.36 earnings per share. Sell-side analysts forecast that Permian Resources will post 1.44 EPS for the current fiscal year.
Permian Resources Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.99%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio is presently 36.36%.
Insider Activity at Permian Resources
In other news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 12.80% of the stock is owned by company insiders.
Institutional Investors Weigh In On Permian Resources
A number of institutional investors have recently bought and sold shares of PR. Hexagon Capital Partners LLC grew its stake in shares of Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after buying an additional 1,998 shares in the last quarter. Principal Securities Inc. grew its position in Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in Permian Resources during the fourth quarter worth approximately $31,000. UMB Bank n.a. raised its position in Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares during the period. Finally, Sunbelt Securities Inc. lifted its stake in shares of Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after purchasing an additional 800 shares during the last quarter. 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.
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