Brokerages Set Permian Resources Co. (NASDAQ:PR) PT at $12.83

Shares of Permian Resources Co. (NASDAQ:PR – Get Rating) have earned an average rating of “Moderate Buy” from the ten brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $13.80.

PR has been the topic of several research analyst reports. Citigroup boosted their price objective on Permian Resources from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday. Cowen raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price target on the stock in a research report on Wednesday. TD Cowen raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price objective on the stock in a report on Wednesday. TD Cowen upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 target price on the stock in a research note on Wednesday. Finally, Piper Sandler decreased their target price on Permian Resources from $15.00 to $14.00 in a research note on Thursday, December 1st.

Permian Resources Price Performance

PR stock opened at $11.91 on Tuesday. The company has a quick ratio of 0.72, a current ratio of 0.77 and a debt-to-equity ratio of 0.38. The company has a market cap of $6.64 billion, a PE ratio of 7.40 and a beta of 4.54. The stock’s fifty day moving average price is $10.03. Permian Resources has a fifty-two week low of $5.08 and a fifty-two week high of $11.99.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Tuesday, March 7th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Monday, March 6th. Permian Resources’s payout ratio is 12.42%.

Institutional Trading of Permian Resources

Large investors have recently added to or reduced their stakes in the business. Sanders Morris Harris LLC acquired a new stake in shares of Permian Resources in the third quarter worth $4,557,000. Mackenzie Financial Corp acquired a new stake in shares of Permian Resources in the third quarter worth $476,000. Tributary Capital Management LLC acquired a new position in Permian Resources during the 3rd quarter valued at $11,505,000. Diversified Trust Co acquired a new position in Permian Resources during the 3rd quarter valued at $270,000. Finally, Wedbush Securities Inc. acquired a new position in Permian Resources during the 3rd quarter valued at $352,000. 88.44% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

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Permian Resources Corp. operates as an oil and natural gas company. It focuses on the development of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. The company was founded on October 6, 2014 and is headquartered in Denver, CO.