Permian Resources (NYSE:PR) Upgraded at Zacks Research

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

Several other equities research analysts have also recently weighed in on the company. Roth Capital set a $23.00 price objective on Permian Resources and gave the stock a “buy” rating in a research note on Monday, June 22nd. Seaport Research Partners assumed coverage on Permian Resources in a report on Thursday, September 3rd. They issued a “buy” rating and a $29.00 target price for the company. KeyCorp boosted their target price on Permian Resources from $25.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, September 15th. Mizuho upgraded Permian Resources to a “strong-buy” rating in a research report on Friday, July 31st. Finally, Truist Financial boosted their price objective on shares of Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Six analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Permian Resources presently has an average rating of “Buy” and an average price target of $24.83.

Permian Resources Stock Performance

Permian Resources stock opened at $22.86 on Tuesday. The company’s 50-day moving average price is $22.38 and its 200-day moving average price is $20.86. Permian Resources has a twelve month low of $11.92 and a twelve month high of $24.65. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The company has a market cap of $19.15 billion, a PE ratio of 15.14 and a beta of 0.66.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the prior year, the company earned $0.28 EPS. The business’s revenue was up 55.1% compared to the same quarter last year. On average, equities research analysts forecast that Permian Resources will post 2.27 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Wednesday, September 16th. Permian Resources’s dividend payout ratio is 42.38%.

Insiders Place Their Bets

In other news, EVP Guy M. Oliphint sold 5,103 shares of the company’s 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 transaction, the executive vice president directly owned 537,400 shares in the company, valued at approximately $12,763,250. This represents a 0.94% 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 company’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 $121,220.00. Following the completion of the transaction, the executive vice president owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. The trade was 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. Insiders have sold a total of 15,699 shares of company stock worth $372,851 over the last quarter. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several large investors have recently added to or reduced their stakes in the stock. Readystate Asset Management LP grew its stake in Permian Resources by 155.2% in the second quarter. Readystate Asset Management LP now owns 496,281 shares of the company’s stock worth $9,137,000 after purchasing an additional 301,791 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Permian Resources by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock worth $100,911,000 after purchasing an additional 85,509 shares during the period. Tidal Investments LLC raised its position in Permian Resources by 60.0% during the 2nd quarter. Tidal Investments LLC now owns 385,843 shares of the company’s stock valued at $7,103,000 after purchasing an additional 144,704 shares in the last quarter. Sanctuary Advisors LLC raised its position in Permian Resources by 35.3% during the 1st quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company’s stock valued at $4,073,000 after purchasing an additional 49,798 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its holdings in shares of Permian Resources by 98.0% in the 1st quarter. Sterling Capital Management LLC now owns 168,262 shares of the company’s stock worth $3,587,000 after buying an additional 83,302 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.