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

Shares of Permian Resources Co. (NYSE:PR) have earned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $18.87.

Several research firms have weighed in on PR. Piper Sandler lowered their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Mizuho lowered their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. UBS Group cut their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Susquehanna lowered their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. cut their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th.

Insiders Place Their Bets

In other 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 transaction of $67,156.53. Following the completion of the transaction, 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 5.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction 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 sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Hexagon Capital Partners LLC increased its position in Permian Resources by 28,542.9% during the third 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 during the last quarter. Innealta Capital LLC bought a new position in Permian Resources during the second quarter worth $30,000. Transcendent Capital Group LLC acquired a new position in shares of Permian Resources in the first quarter valued at $36,000. UMB Bank n.a. lifted its stake in shares of Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares during the last quarter. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in shares of Permian Resources during the 2nd quarter worth about $40,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Trading Down 2.5 %

Shares of PR stock opened at $14.80 on Thursday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $11.88 billion, a P/E ratio of 8.97, a P/E/G ratio of 0.91 and a beta of 4.34. Permian Resources has a 12-month low of $12.34 and a 12-month high of $18.28. The firm has a 50-day moving average price of $14.03 and a 200 day moving average price of $15.00.

Permian Resources (NYSE:PR) last announced its 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. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the business earned $0.36 EPS. Permian Resources’s revenue was up 60.3% compared to the same quarter last year. Research analysts forecast that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.05%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, November 14th. Permian Resources’s dividend payout ratio is presently 36.36%.

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.