Permian Resources Co. (NASDAQ:PR) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Permian Resources Co. (NASDAQ:PRGet Free Report) has received a consensus recommendation of “Moderate Buy” from the twelve analysts that are currently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $18.18.

PR has been the subject of several recent analyst reports. Stifel Nicolaus lifted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Susquehanna lifted their target price on shares of Permian Resources from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Mizuho lifted their price target on shares of Permian Resources from $16.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, March 7th. UBS Group decreased their price target on shares of Permian Resources from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, December 14th. Finally, Wells Fargo & Company lifted their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th.

View Our Latest Stock Report on PR

Insider Activity at Permian Resources

In related news, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $15.71, for a total value of $283,987,297.79. Following the completion of the transaction, the director now owns 71,056,620 shares in the company, valued at approximately $1,116,299,500.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Brent P. Jensen sold 1,853 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the transaction, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock valued at $516,796,999 in the last quarter. Insiders own 23.14% of the company’s stock.

Institutional Trading of Permian Resources

A number of institutional investors have recently made changes to their positions in PR. Envestnet Asset Management Inc. acquired a new stake in Permian Resources during the third quarter valued at approximately $1,053,000. Macquarie Group Ltd. acquired a new stake in Permian Resources during the third quarter valued at approximately $105,000. Bank of New York Mellon Corp acquired a new stake in Permian Resources during the third quarter valued at approximately $8,153,000. Ensign Peak Advisors Inc acquired a new stake in Permian Resources during the third quarter valued at approximately $233,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Permian Resources during the third quarter valued at approximately $669,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Trading Down 1.1 %

Shares of PR opened at $17.53 on Wednesday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The firm’s 50-day moving average is $15.26 and its two-hundred day moving average is $14.18. Permian Resources has a twelve month low of $8.94 and a twelve month high of $17.83. The firm has a market capitalization of $13.53 billion, a P/E ratio of 15.11 and a beta of 4.35.

Permian Resources (NASDAQ:PRGet Free Report) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. On average, research analysts predict that Permian Resources will post 1.5 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s dividend payout ratio is presently 17.24%.

Permian Resources Company Profile

(Get Free Report

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.

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Analyst Recommendations for Permian Resources (NASDAQ:PR)

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