Permian Resources Corporation (NYSE:PR) Receives Average Rating of “Buy” from Analysts

Permian Resources Corporation (NYSE:PR) has earned a consensus rating of “Buy” from the twenty-two analysts that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and five have issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $24.83.

PR has been the topic of a number of research reports. Evercore initiated coverage on Permian Resources in a report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price objective on the stock. Roth Capital set a $23.00 price target on shares of Permian Resources and gave the company a “buy” rating in a research report on Monday, June 22nd. Morgan Stanley reissued an “overweight” rating on shares of Permian Resources in a research note on Wednesday, August 19th. Royal Bank Of Canada restated an “outperform” rating and issued a $27.00 price objective on shares of Permian Resources in a report on Thursday. Finally, Wells Fargo & Company raised shares of Permian Resources to a “strong-buy” rating in a research note on Wednesday, September 2nd.

Permian Resources Stock Up 0.8%

PR opened at $21.86 on Friday. The stock has a market cap of $18.31 billion, a PE ratio of 14.48 and a beta of 0.49. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources has a 52 week low of $11.92 and a 52 week high of $24.65. The business’s fifty day simple moving average is $22.15 and its 200 day simple moving average is $20.69.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the previous year, the company posted $0.28 earnings per share. The company’s revenue was up 55.1% compared to the same quarter last year. As a group, research analysts expect that Permian Resources will post 2.27 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s dividend payout ratio is presently 42.38%.

Insider Buying and Selling at Permian Resources

In other news, EVP Robert Shannon sold 5,104 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,220.00. Following the completion of the sale, the executive vice president owned 1,346,698 shares of the company’s stock, valued at approximately $31,984,077.50. The trade was a 0.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy M. Oliphint sold 5,103 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following the sale, the executive vice president owned 537,400 shares of the company’s stock, valued at $12,763,250. This represents a 0.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 15,699 shares of company stock worth $372,851 over the last three months. Company insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Large investors have recently bought and sold shares of the stock. QRG Capital Management Inc. lifted its position in Permian Resources by 17.3% in the second quarter. QRG Capital Management Inc. now owns 21,786 shares of the company’s stock valued at $401,000 after purchasing an additional 3,206 shares during the last quarter. Talon Private Wealth LLC boosted its stake in shares of Permian Resources by 24.6% during the second quarter. Talon Private Wealth LLC now owns 150,347 shares of the company’s stock valued at $2,768,000 after purchasing an additional 29,650 shares during the period. Sequoia Financial Advisors LLC grew its holdings in shares of Permian Resources by 41.5% in the second quarter. Sequoia Financial Advisors LLC now owns 36,820 shares of the company’s stock worth $678,000 after purchasing an additional 10,793 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Permian Resources by 60.0% in the second quarter. Tidal Investments LLC now owns 385,843 shares of the company’s stock worth $7,103,000 after purchasing an additional 144,704 shares during the last quarter. Finally, Arlington Capital Management Inc. purchased a new position in shares of Permian Resources in the second quarter worth $212,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.