Permian Resources (NYSE:PR) Coverage Initiated by Analysts at The Goldman Sachs Group

The Goldman Sachs Group started coverage on shares of Permian Resources (NYSE:PR) in a research note released on Monday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $19.00 target price on the stock.

Several other research firms also recently weighed in on PR. UBS Group decreased their price target on shares of Permian Resources from $19.00 to $18.00 and set a buy rating for the company in a research note on Wednesday, September 18th. Mizuho reduced their price objective on shares of Permian Resources from $22.00 to $19.00 and set an outperform rating for the company in a report on Monday, September 16th. Bank of America reiterated a buy rating and set a $20.00 price objective on shares of Permian Resources in a report on Friday, June 14th. JPMorgan Chase & Co. reduced their price objective on shares of Permian Resources from $20.00 to $17.00 and set an overweight rating for the company in a report on Thursday, September 12th. Finally, BMO Capital Markets upgraded shares of Permian Resources from a market perform rating to an outperform rating and set a $21.00 price objective for the company in a report on Wednesday, July 3rd. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $19.20.

Permian Resources Price Performance

PR stock opened at $13.61 on Monday. The company has a fifty day moving average price of $14.20 and a 200-day moving average price of $15.74. The company has a market capitalization of $10.48 billion, a P/E ratio of 12.37, a PEG ratio of 0.81 and a beta of 4.33. Permian Resources has a 52-week low of $12.34 and a 52-week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50.

Permian Resources (NYSE:PR) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the firm earned $0.27 earnings per share. Permian Resources’s quarterly revenue was up 99.9% on a year-over-year basis. As a group, equities analysts expect that Permian Resources will post 1.53 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Insider Buying and Selling

In related news, EVP John Charles Bell sold 4,821 shares of the company’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 transaction of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Permian Resources news, 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 transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently made changes to their positions in PR. Parallel Advisors LLC boosted its stake 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. TFO Wealth Partners LLC boosted its position in Permian Resources by 154,328.6% during the 4th quarter. TFO Wealth Partners LLC now owns 10,810 shares of the company’s stock valued at $147,000 after buying an additional 10,803 shares during the period. Rafferty Asset Management LLC raised its holdings in Permian Resources by 5.7% in the 4th quarter. Rafferty Asset Management LLC now owns 544,890 shares of the company’s stock worth $7,411,000 after purchasing an additional 29,154 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in Permian Resources by 0.7% in the 4th quarter. 1832 Asset Management L.P. now owns 898,557 shares of the company’s stock worth $12,220,000 after purchasing an additional 6,357 shares in the last quarter. Finally, Homestead Advisers Corp raised its holdings in Permian Resources by 7.4% in the 4th quarter. Homestead Advisers Corp now owns 243,300 shares of the company’s stock worth $3,309,000 after purchasing an additional 16,800 shares in 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.