Permian Resources (NYSE:PR) Stock Rating Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of Permian Resources (NYSE:PR) from a strong-buy rating to a buy rating in a research note released on Saturday morning,Wall Street Zen reports.

A number of other research analysts have also recently commented on the stock. Seaport Research Partners assumed coverage on shares of Permian Resources in a report on Thursday, September 3rd. They issued a “buy” rating and a $29.00 target price for the company. Stifel Nicolaus began coverage on shares of Permian Resources in a report on Thursday, September 10th. They set a “buy” rating and a $30.00 price target on the stock. Susquehanna lifted their price target on shares of Permian Resources from $25.00 to $30.00 and gave the company a “positive” rating in a report on Tuesday, October 20th. Raymond James Financial reiterated a “strong-buy” rating and set a $34.00 price objective on shares of Permian Resources in a research report on Monday, November 2nd. Finally, Truist Financial increased their price objective on shares of Permian Resources from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, October 12th. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $26.61.

Permian Resources Price Performance

Permian Resources stock opened at $21.68 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.62 and a current ratio of 0.50. Permian Resources has a 52 week low of $12.75 and a 52 week high of $26.07. The stock has a market capitalization of $18.15 billion, a P/E ratio of 11.29 and a beta of 0.62. The stock has a fifty day moving average of $23.36 and a 200-day moving average of $20.53.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.08. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.78 billion. Permian Resources had a return on equity of 15.56% and a net margin of 25.04%. Permian Resources’s revenue for the quarter was up 48.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.08 EPS. On average, sell-side analysts expect that Permian Resources will post 2.47 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Thursday, December 17th. Permian Resources’s dividend payout ratio is presently 33.33%.

Insider Buying and Selling at Permian Resources

In other news, EVP John Bell sold 5,492 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 transaction of $130,435.00. Following the sale, the executive vice president directly owned 1,561,680 shares in the company, valued at approximately $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 sale, the executive vice president owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. This trade represents a 0.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 15,699 shares of company stock worth $372,851. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently added to or reduced their stakes in PR. Provenance Wealth Advisors LLC bought a new position in shares of Permian Resources during the third quarter valued at $26,000. Heritage Family Offices LLP acquired a new position in shares of Permian Resources during the third quarter worth $35,000. Cedar Mountain Advisors LLC bought a new stake in shares of Permian Resources in the first quarter worth $48,000. Essential Partners LLC grew its stake in shares of Permian Resources by 4,400.0% in the first quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock worth $69,000 after purchasing an additional 3,168 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Permian Resources in the first quarter worth $72,000. 91.84% of the stock is owned by institutional investors.

More Permian Resources News

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Q3 results beat estimates: Permian Resources reported adjusted earnings of $0.69 per share versus the roughly $0.61 consensus and revenue of $1.96 billion versus $1.78 billion expected. Revenue rose 48.1% year over year. Zacks Q3 earnings report
• Positive Sentiment: Higher production and cash-flow outlook: Q3 total production averaged 457,500 barrels of oil equivalent per day, up 22% sequentially. A separate report highlighted a $300 million free-cash-flow outlook upgrade, which may support confidence in the company’s ability to fund operations and shareholder returns. Q3 results and guidance Free-cash-flow outlook report
• Positive Sentiment: Quarterly dividend declared: The company announced a $0.16-per-share dividend, equivalent to $0.64 annualized, with payment scheduled for December 31. Permian Resources dividend information
• Neutral Sentiment: Acquisition expands the business but requires significant capital: Permian Resources acquired Ridge Runner Resources II for $1.2 billion. The deal may add assets and production, but its ultimate effect will depend on execution and returns. Acquisition report
• Negative Sentiment: Wells Fargo trimmed its target: The bank lowered its price target from $28 to $27, a modest reduction in its valuation view, but retained an Overweight rating and still indicated potential upside. Wells Fargo price-target update
• Negative Sentiment: Costs merit attention: A Q3 recap flagged record costs, which could weigh on margins if they persist, despite the reported free-cash-flow outlook improvement. Q3 cost and cash-flow report

About Permian Resources

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico.

The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.

Permian Resources was formed in 2022 through the combination of Centennial Resource Development and Colgate Energy.