Permian Resources (NASDAQ:PR) PT Raised to $18.00 at Susquehanna

Permian Resources (NASDAQ:PR) had its target price upped by Susquehanna from $16.00 to $18.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company an overweight rating in a research report on Friday, April 12th. Piper Sandler increased their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock an overweight rating in a research note on Friday. Citigroup lifted their price objective on Permian Resources from $17.00 to $19.00 and gave the company a buy rating in a research report on Friday, March 1st. Bank of America began coverage on Permian Resources in a research note on Friday, January 5th. They issued a neutral rating and a $15.00 target price for the company. Finally, Mizuho upped their price target on Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a research note on Monday, April 15th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Permian Resources has an average rating of Moderate Buy and an average price target of $19.31.

Permian Resources Stock Up 0.5 %

Shares of NASDAQ PR opened at $17.17 on Monday. The company has a market cap of $13.25 billion, a price-to-earnings ratio of 14.80 and a beta of 4.35. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The firm’s fifty day moving average is $16.45 and its 200 day moving average is $14.60. Permian Resources has a 52 week low of $8.94 and a 52 week high of $18.28.

Permian Resources (NASDAQ:PR) last posted its earnings results 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. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, equities research analysts expect that Permian Resources will post 1.72 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s payout ratio is 17.24%.

Insider Buying and Selling

In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CAO Brent P. Jensen sold 1,853 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock worth $516,796,999 in the last three months. Insiders own 23.14% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently made changes to their positions in the company. Azzad Asset Management Inc. ADV grew its position in shares of Permian Resources by 2.0% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock valued at $677,000 after acquiring an additional 740 shares during the period. Arizona State Retirement System grew its holdings in Permian Resources by 1.5% during the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock valued at $999,000 after purchasing an additional 1,041 shares during the period. Truist Financial Corp increased its position in Permian Resources by 9.4% in the fourth quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after buying an additional 1,086 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after buying an additional 1,178 shares during the period. Finally, Navellier & Associates Inc. lifted its position in shares of Permian Resources by 11.3% during the 4th quarter. Navellier & Associates Inc. now owns 11,688 shares of the company’s stock valued at $159,000 after buying an additional 1,187 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

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.