Piper Sandler Trims Permian Resources (NYSE:PR) Target Price to $20.00

Permian Resources (NYSE:PR) had its target price reduced by Piper Sandler from $21.00 to $20.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have an overweight rating on the stock.

PR has been the subject of several other reports. Wolfe Research began coverage on shares of Permian Resources in a research note on Thursday, July 18th. They issued a peer perform rating for the company. Susquehanna decreased their target price on shares of Permian Resources from $16.00 to $15.00 and set a neutral rating for the company in a research note on Wednesday, September 4th. JPMorgan Chase & Co. cut their price target on Permian Resources from $20.00 to $17.00 and set an overweight rating on the stock in a research note on Thursday, September 12th. Truist Financial reduced their price objective on Permian Resources from $22.00 to $18.00 and set a buy rating for the company in a research report on Monday, September 30th. Finally, UBS Group dropped their target price on Permian Resources from $19.00 to $18.00 and set a buy rating on the stock in a report on Wednesday, September 18th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $18.93.

Permian Resources Price Performance

PR stock opened at $13.58 on Tuesday. The firm has a 50-day moving average of $14.07 and a 200 day moving average of $15.52. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The company has a market cap of $10.46 billion, a P/E ratio of 12.35, a PEG ratio of 0.85 and a beta of 4.32. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28.

Permian Resources (NYSE:PR) last released its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The firm’s revenue for the quarter was up 99.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 EPS. On average, sell-side analysts forecast that Permian Resources will post 1.49 EPS for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.77%. Permian Resources’s dividend 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 on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several hedge funds have recently bought and sold shares of PR. Hexagon Capital Partners LLC boosted its position in shares of Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after purchasing an additional 1,998 shares during the period. Innealta Capital LLC bought a new position in Permian Resources in the 2nd quarter worth $30,000. Rise Advisors LLC purchased a new stake in Permian Resources in the 1st quarter worth $32,000. Transcendent Capital Group LLC bought a new stake in Permian Resources during the first quarter valued at about $36,000. Finally, UMB Bank n.a. lifted its position in shares of Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after acquiring an additional 1,390 shares in 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.