Brokerages Set Permian Resources Co. (NYSE:PR) Price Target at $19.50

Permian Resources Co. (NYSE:PR) has been assigned an average recommendation of “Moderate Buy” from the fifteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $19.50.

PR has been the subject of a number of recent research reports. Truist Financial boosted their target price on shares of Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Bank of America reiterated a “buy” rating and issued a $20.00 price target on shares of Permian Resources in a research report on Friday, June 14th. BMO Capital Markets raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research report on Wednesday, July 3rd. Citigroup dropped their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, Piper Sandler reduced their target price on Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th.

Permian Resources Price Performance

NYSE PR opened at $13.51 on Wednesday. The company has a market capitalization of $10.84 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 0.81 and a beta of 4.33. Permian Resources has a 12-month low of $12.34 and a 12-month high of $18.28. The firm’s 50 day moving average is $14.24 and its 200-day moving average is $15.76. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company’s revenue for the quarter was up 99.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.27 earnings per share. Equities research analysts anticipate that Permian Resources will post 1.53 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.78%. The ex-dividend date was Monday, August 19th. Permian Resources’s payout ratio is presently 21.82%.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. YHB Investment Advisors Inc. purchased a new stake in Permian Resources in the 1st quarter valued at about $26,000. Rise Advisors LLC purchased a new position in Permian Resources in the first quarter worth $32,000. Innealta Capital LLC bought a new position in Permian Resources in the 2nd quarter valued at $30,000. Transcendent Capital Group LLC purchased a new stake in shares of Permian Resources during the 1st quarter valued at $36,000. Finally, Parallel Advisors LLC raised its stake in shares of Permian Resources by 117.0% during the 4th 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. 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.