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

Shares of Permian Resources Co. (NYSE:PR) have received an average rating of “Moderate Buy” from the seventeen brokerages that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, fourteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $19.13.

Several analysts have recently issued reports on PR shares. Morgan Stanley assumed coverage on Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. Benchmark cut their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Piper Sandler increased their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Finally, Truist Financial boosted their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th.

Insider Activity

In other news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 bought and sold shares of PR. Wright Investors Service Inc. acquired a new stake in shares of Permian Resources during the fourth quarter valued at $498,000. Point72 Asset Management L.P. lifted its position in shares of Permian Resources by 58.3% during the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after purchasing an additional 2,023,742 shares in the last quarter. Tributary Capital Management LLC grew its stake in Permian Resources by 8,360.8% during the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock valued at $699,000 after purchasing an additional 50,750 shares in the last quarter. South Street Advisors LLC bought a new stake in shares of Permian Resources in the 3rd quarter worth about $7,142,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Permian Resources during the third quarter valued at approximately $556,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Price Performance

Shares of NYSE PR opened at $14.42 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a fifty day moving average of $14.88 and a 200 day moving average of $14.54. The firm has a market cap of $11.58 billion, a PE ratio of 8.74, a PEG ratio of 4.06 and a beta of 4.28. Permian Resources has a one year low of $12.59 and a one year high of $18.28.

Permian Resources (NYSE:PR) last posted its 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. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the company earned $0.36 EPS. Permian Resources’s revenue was up 60.3% on a year-over-year basis. As a group, research analysts predict that Permian Resources will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.16%. The ex-dividend date of this dividend was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is 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.