Permian Resources Corporation (NYSE:PR) Receives $18.79 Consensus Target Price from Brokerages

Shares of Permian Resources Corporation (NYSE:PR) have been given an average recommendation of “Moderate Buy” by the sixteen analysts that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, twelve have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $18.7857.

Several equities analysts recently issued reports on the stock. UBS Group lifted their price target on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, December 12th. The Goldman Sachs Group raised their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Wells Fargo & Company cut their target price on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. Weiss Ratings reissued a “hold (c)” rating on shares of Permian Resources in a report on Monday, December 29th. Finally, Wall Street Zen upgraded Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th.

Permian Resources Price Performance

Shares of PR stock opened at $14.31 on Tuesday. The stock’s fifty day simple moving average is $14.11 and its 200 day simple moving average is $13.63. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a market cap of $11.87 billion, a price-to-earnings ratio of 13.13 and a beta of 0.66. Permian Resources has a one year low of $10.01 and a one year high of $16.03.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the company earned $0.53 earnings per share. The business’s revenue was up 8.7% compared to the same quarter last year. On average, analysts expect that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Wednesday, December 17th. Permian Resources’s dividend payout ratio is presently 55.05%.

Insider Buying and Selling

In other Permian Resources news, EVP Robert Regan Shannon sold 106,405 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the sale, the executive vice president owned 360,667 shares of the company’s stock, valued at $4,915,891.21. This represents a 22.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Guy M. Oliphint sold 172,904 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the completion of the sale, the executive vice president owned 616,683 shares of the company’s stock, valued at $8,405,389.29. The trade was a 21.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 2,210,456 shares of company stock valued at $30,231,728 in the last 90 days. 6.44% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

Several hedge funds have recently modified their holdings of PR. Farther Finance Advisors LLC raised its position in Permian Resources by 114.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after purchasing an additional 1,047 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Permian Resources by 154.4% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after buying an additional 1,391 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of Permian Resources in the 2nd quarter valued at $36,000. Parkside Financial Bank & Trust raised its position in shares of Permian Resources by 90.8% during the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after acquiring an additional 1,357 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of Permian Resources by 204.3% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 3,825 shares of the company’s stock worth $52,000 after acquiring an additional 2,568 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Company Profile

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.