Permian Resources (NYSE:PR) Price Target Raised to $21.00

Permian Resources (NYSE:PR) had its target price lifted by Piper Sandler from $20.00 to $21.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company reduced their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Morgan Stanley started coverage on shares of Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective on the stock. Benchmark decreased their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Finally, Truist Financial increased their price target on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.13.

Permian Resources Stock Up 1.5 %

Shares of NYSE:PR opened at $15.11 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources has a 52-week low of $12.59 and a 52-week high of $18.28. The company has a market capitalization of $12.14 billion, a PE ratio of 9.16, a price-to-earnings-growth ratio of 4.60 and a beta of 4.32. The company has a fifty day moving average of $14.96 and a 200-day moving average of $14.59.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period last year, the company earned $0.36 earnings per share. On average, equities analysts predict that Permian Resources will post 1.44 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a $0.15 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.97%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is currently 36.36%.

Insider Buying and Selling

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Hexagon Capital Partners LLC grew its position in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares during the period. ORG Wealth Partners LLC acquired a new position in shares of Permian Resources during the fourth quarter valued at about $31,000. UMB Bank n.a. increased its position in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after acquiring an additional 1,390 shares in the last quarter. Sunbelt Securities Inc. raised its holdings in shares of Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after acquiring an additional 800 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after acquiring an additional 2,629 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.