Permian Resources (NYSE:PR) Upgraded to Strong-Buy at Evercore

Evercore upgraded shares of Permian Resources (NYSE:PR) to a strong-buy rating in a research report released on Tuesday,Zacks.com reports.

A number of other analysts have also recently commented on PR. Scotiabank upped their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 22nd. Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a report on Friday, March 27th. Piper Sandler boosted their target price on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Weiss Ratings downgraded Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 12th. Finally, Roth Mkm set a $23.00 price target on Permian Resources and gave the stock a “buy” rating in a research report on Monday. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $23.18.

Permian Resources Stock Up 0.9%

Shares of NYSE:PR opened at $19.17 on Tuesday. Permian Resources has a 52 week low of $11.92 and a 52 week high of $22.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market capitalization of $16.05 billion, a PE ratio of 22.29 and a beta of 0.48. The company has a 50 day moving average price of $20.02 and a two-hundred day moving average price of $17.98.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the business posted $0.44 earnings per share. The business’s revenue for the quarter was up .9% compared to the same quarter last year. Analysts forecast that Permian Resources will post 2 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a $0.16 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. Permian Resources’s dividend payout ratio (DPR) is presently 74.42%.

Insider Buying and Selling at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. The trade was a 10.37% 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. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. AQR Capital Management LLC increased its position in shares of Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after purchasing an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after buying an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Permian Resources by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after buying an additional 87,105 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after buying an additional 3,224 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in Permian Resources by 21.3% during the second quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock worth $1,274,000 after buying an additional 16,443 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.