Permian Resources (NASDAQ:PR) Given New $23.00 Price Target at Piper Sandler

Permian Resources (NASDAQ:PR) had its target price boosted by Piper Sandler from $22.00 to $23.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts have also recently issued reports on PR. Benchmark upped their target price on Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a report on Tuesday, March 5th. Stifel Nicolaus upped their target price on Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a report on Friday, March 22nd. Citigroup upped their target price on Permian Resources from $17.00 to $19.00 and gave the stock a buy rating in a report on Friday, March 1st. Truist Financial lowered their target price on Permian Resources from $24.00 to $22.00 and set a buy rating for the company in a report on Friday, April 5th. Finally, Mizuho increased their price target on Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a research note on Monday, April 15th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $19.08.

Permian Resources Price Performance

Shares of PR stock opened at $17.08 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources has a twelve month low of $8.94 and a twelve month high of $18.28. The company has a market cap of $13.18 billion, a P/E ratio of 14.72 and a beta of 4.35. The business has a fifty day simple moving average of $16.38 and a 200 day simple moving average of $14.55.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. On average, sell-side analysts forecast that Permian Resources will post 1.71 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were issued a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a yield of 1.17%. Permian Resources’s payout ratio is currently 17.24%.

Insiders Place Their Bets

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a filing with the SEC, which can be accessed 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 stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Corporate insiders own 23.14% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Azzad Asset Management Inc. ADV increased its position in shares of Permian Resources by 2.0% during the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock valued at $677,000 after acquiring an additional 740 shares during the last quarter. Saxon Interests Inc. purchased a new stake in Permian Resources in the first quarter worth $230,000. State of Michigan Retirement System increased its position in Permian Resources by 24.7% in the first quarter. State of Michigan Retirement System now owns 112,700 shares of the company’s stock worth $1,990,000 after buying an additional 22,300 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Permian Resources in the first quarter worth $10,961,000. Finally, Vaughan Nelson Investment Management L.P. increased its position in Permian Resources by 23.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 3,853,706 shares of the company’s stock worth $68,057,000 after buying an additional 722,580 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.