Permian Resources (NASDAQ:PR) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Permian Resources (NASDAQ:PR) in a report released on Friday, Benzinga reports. They currently have a $17.00 price objective on the stock.

Several other research firms have also weighed in on PR. Bank of America began coverage on shares of Permian Resources in a report on Friday, January 5th. They issued a neutral rating and a $15.00 target price on the stock. UBS Group decreased their price objective on shares of Permian Resources from $15.00 to $14.00 and set a neutral rating on the stock in a report on Thursday, December 14th. Benchmark increased their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a report on Tuesday, March 5th. Truist Financial decreased their price objective on shares of Permian Resources from $24.00 to $22.00 and set a buy rating on the stock in a report on Friday, April 5th. Finally, Stifel Nicolaus increased their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a report on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $18.62.

Permian Resources Price Performance

NASDAQ:PR opened at $17.73 on Friday. The stock has a market cap of $13.69 billion, a P/E ratio of 15.28 and a beta of 4.35. Permian Resources has a one year low of $8.94 and a one year high of $18.28. The company has a fifty day moving average price of $15.96 and a 200 day moving average price of $14.43. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. Analysts anticipate that Permian Resources will post 1.69 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were issued a dividend of $0.05 per share. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a yield of 1.13%. Permian Resources’s dividend payout ratio (DPR) is currently 17.24%.

Insider Transactions at Permian Resources

In other news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the transaction, the chief accounting officer now directly owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 in the last ninety days. 23.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in PR. Parallel Advisors LLC boosted its position in Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after purchasing an additional 1,178 shares during the period. Rise Advisors LLC bought a new position in Permian Resources during the first quarter worth $32,000. DekaBank Deutsche Girozentrale bought a new position in Permian Resources during the fourth quarter worth $33,000. Quarry LP bought a new position in Permian Resources during the first quarter worth $33,000. Finally, GAMMA Investing LLC bought a new position in Permian Resources during the fourth quarter worth $43,000. 91.84% of the stock is owned by institutional investors.

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.