Brokerages Set Permian Resources Co. (NASDAQ:PR) Price Target at $19.31

Permian Resources Co. (NASDAQ:PR) has received an average rating of “Moderate Buy” from the fourteen analysts that are covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $19.31.

Several brokerages recently weighed in on PR. Bank of America assumed coverage on Permian Resources in a research report on Friday, January 5th. They issued a “neutral” rating and a $15.00 price objective for the company. Benchmark reiterated a “buy” rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Tuesday, April 23rd. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Friday, April 12th. Susquehanna raised their price target on Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, April 22nd. Finally, Citigroup raised their price objective on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, March 1st.

Insider Transactions at Permian Resources

In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert John Anderson sold 1,000,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the completion of the transaction, the director now directly owns 476,306 shares of the company’s stock, valued at $7,482,767.26. The disclosure for this sale can be found here. In the last three months, insiders sold 32,916,943 shares of company stock valued at $516,796,999. Company insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. EnCap Energy Capital Fund XI L.P. bought a new position in Permian Resources in the 4th quarter valued at about $353,683,000. Vanguard Group Inc. boosted its stake in shares of Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after purchasing an additional 19,847,358 shares in the last quarter. OnyxPoint Global Management LP acquired a new stake in shares of Permian Resources in the 4th quarter valued at approximately $114,159,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Permian Resources by 96.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after purchasing an additional 6,464,093 shares in the last quarter. Finally, Jennison Associates LLC acquired a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $76,629,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Trading Down 4.5 %

Shares of NASDAQ:PR opened at $16.76 on Friday. Permian Resources has a 12-month low of $8.94 and a 12-month high of $18.28. The business’s fifty day simple moving average is $16.80 and its 200-day simple moving average is $14.74. The company has a market capitalization of $12.94 billion, a PE ratio of 14.45 and a beta of 4.35. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. As a group, equities research analysts predict that Permian Resources will post 1.66 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend was Tuesday, March 12th. Permian Resources’s payout ratio is 17.24%.

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.