Permian Resources Co. (NYSE:PR) Receives $18.87 Consensus PT from Analysts

Permian Resources Co. (NYSE:PR) has received an average recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $18.87.

Several research firms have commented on PR. Wells Fargo & Company lowered their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. UBS Group lowered their price objective on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Benchmark reduced their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. The Goldman Sachs Group began coverage on Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target for the company. Finally, Mizuho cut their price objective on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th.

Permian Resources Stock Up 1.9 %

Shares of NYSE:PR opened at $15.14 on Friday. The company has a market capitalization of $12.16 billion, a P/E ratio of 9.18, a P/E/G ratio of 0.88 and a beta of 4.35. The stock’s fifty day simple moving average is $14.65 and its 200-day simple moving average is $14.67. Permian Resources has a 52-week low of $12.59 and a 52-week high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 EPS. As a group, equities research analysts forecast that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a dividend of $0.15 per share. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.96%. Permian Resources’s payout ratio is presently 36.36%.

Institutional Trading of Permian Resources

Several large investors have recently added to or reduced their stakes in PR. Merewether Investment Management LP raised its stake in shares of Permian Resources by 148.1% during the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock valued at $95,292,000 after purchasing an additional 3,522,300 shares during the period. Point72 Asset Management L.P. grew its holdings in Permian Resources by 16,359.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock valued at $56,089,000 after purchasing an additional 3,451,923 shares in the last quarter. Yaupon Capital Management LP increased its stake in Permian Resources by 225.0% during the 3rd quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock worth $51,016,000 after buying an additional 2,595,137 shares during the period. Geode Capital Management LLC lifted its holdings in Permian Resources by 17.6% in the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock worth $148,957,000 after buying an additional 1,638,618 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after buying an additional 1,555,884 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.