Permian Resources (NYSE:PR) Price Target Raised to $23.00 at Truist Financial

Permian Resources (NYSE:PR) had its price objective boosted by Truist Financial from $20.00 to $23.00 in a report issued on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other equities analysts have also commented on the stock. Piper Sandler reduced their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. The Goldman Sachs Group started coverage on Permian Resources in a research note on Monday, September 30th. They set a “buy” rating and a $19.00 price objective on the stock. Wells Fargo & Company lowered their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Morgan Stanley began coverage on Permian Resources in a research report on Friday. They set an “overweight” rating and a $19.00 price target on the stock. Finally, Mizuho decreased their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.06.

Permian Resources Price Performance

PR opened at $15.40 on Monday. The stock has a market capitalization of $12.37 billion, a P/E ratio of 9.33, a PEG ratio of 0.88 and a beta of 4.32. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a 12-month low of $12.59 and a 12-month high of $18.28. The stock has a 50-day moving average price of $14.82 and a 200-day moving average price of $14.64.

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

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a $0.15 dividend. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio is presently 36.36%.

Insider Activity at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 12.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC grew its stake 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 acquiring an additional 1,998 shares during the last quarter. ORG Wealth Partners LLC bought a new position in Permian Resources in the 4th quarter worth about $31,000. UMB Bank n.a. boosted its stake in Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after purchasing an additional 1,390 shares in the last quarter. Sunbelt Securities Inc. grew its position in Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after purchasing an additional 800 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in Permian Resources by 399.5% during the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after purchasing an additional 2,629 shares in the last quarter. Hedge funds and other 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.