Permian Resources Co. (NYSE:PR) Given Average Rating of “Moderate Buy” by Analysts

Permian Resources Co. (NYSE:PR) has earned an average rating of “Moderate Buy” from the sixteen brokerages that are presently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $18.73.

PR has been the topic of several research reports. Piper Sandler lowered their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 15th. Citigroup lowered their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Wolfe Research initiated coverage on Permian Resources in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Mizuho decreased their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, UBS Group dropped their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th.

Insider Activity at Permian Resources

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

Institutional Trading of Permian Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Permian Resources by 69.7% during the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after buying an additional 19,847,358 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in 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 valued at $106,924,000 after acquiring an additional 5,012,287 shares during the last quarter. Bank of New York Mellon Corp raised its stake 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 raised its stake 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. lifted its holdings in shares of Permian Resources by 16,359.8% in the 2nd 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 during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE PR opened at $14.03 on Friday. The company has a market capitalization of $10.80 billion, a PE ratio of 12.75, a PEG ratio of 0.85 and a beta of 4.32. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock’s 50 day moving average price is $14.06 and its 200-day moving average price is $15.46. Permian Resources has a twelve month low of $12.34 and a twelve month high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 11.91% and a net margin of 15.62%. The business’s revenue was up 99.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 earnings per share. On average, equities analysts anticipate that Permian Resources will post 1.48 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a $0.06 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.71%. Permian Resources’s dividend payout ratio (DPR) is currently 21.82%.

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.