Permian Resources (NYSE:PR) Price Target Raised to $21.00

Permian Resources (NYSE:PR) had its price objective increased by Piper Sandler from $20.00 to $21.00 in a research report released on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also recently weighed in on PR. JPMorgan Chase & Co. dropped their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Truist Financial upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Susquehanna cut their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. UBS Group decreased their target price 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. Finally, Mizuho dropped their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Stock Performance

Shares of NYSE PR opened at $15.97 on Monday. The stock has a fifty day moving average price of $14.22 and a two-hundred day moving average price of $14.98. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28. The firm has a market cap of $12.83 billion, a P/E ratio of 9.68, a PEG ratio of 0.91 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. 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 firm earned $0.36 EPS. The business’s revenue for the quarter was up 60.3% on a year-over-year basis. Research analysts forecast that Permian Resources will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.76%. The ex-dividend date is Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is presently 36.36%.

Insiders Place Their Bets

In related 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 transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This represents a 7.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 5.88 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in PR. Innealta Capital LLC acquired a new stake in Permian Resources during the second quarter worth about $30,000. Hexagon Capital Partners LLC lifted its position in Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after purchasing an additional 1,998 shares during the period. Transcendent Capital Group LLC acquired a new stake in Permian Resources during the first quarter worth $36,000. Gilliland Jeter Wealth Management LLC acquired a new stake in Permian Resources during the second quarter worth $40,000. Finally, UMB Bank n.a. increased its holdings in Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after buying an additional 1,390 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

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.