Truist Financial Increases Permian Resources (NASDAQ:PR) Price Target to $23.00

Permian Resources (NASDAQ:PR) had its target price increased by Truist Financial from $22.00 to $23.00 in a research report report published on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. Bank of America began coverage on Permian Resources in a report on Friday, January 5th. They issued a neutral rating and a $15.00 price target for the company. Citigroup increased their target price on Permian Resources from $17.00 to $19.00 and gave the company a buy rating in a research report on Friday, March 1st. Raymond James began coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They issued a strong-buy rating and a $24.00 price target on the stock. Royal Bank of Canada reaffirmed an outperform rating and set a $17.00 price objective on shares of Permian Resources in a report on Friday, April 12th. Finally, Mizuho boosted 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 Monday, April 15th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $19.31.

Permian Resources Trading Up 0.5 %

Shares of NASDAQ:PR opened at $17.17 on Monday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources has a 12-month low of $8.94 and a 12-month high of $18.28. The business has a 50 day moving average of $16.45 and a two-hundred day moving average of $14.60. The company has a market capitalization of $13.25 billion, a PE ratio of 14.80 and a beta of 4.35.

Permian Resources (NASDAQ:PR) last posted its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. As a group, analysts forecast that Permian Resources will post 1.72 EPS for the current 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 $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 annualized dividend and a yield of 1.16%. Permian Resources’s payout ratio is 17.24%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $15,710,000.00. Following the transaction, the director now owns 476,306 shares of the company’s stock, valued at $7,482,767.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the transaction, the director now directly owns 476,306 shares in the company, valued at $7,482,767.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William J. Quinn sold 18,076,849 shares of Permian Resources stock in a transaction on 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 sale, the director now directly owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock worth $516,796,999 over the last quarter. 23.14% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

Several hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC raised its position in Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares in the last quarter. Rise Advisors LLC purchased a new position in Permian Resources in the first quarter worth approximately $32,000. DekaBank Deutsche Girozentrale acquired a new position in Permian Resources during the 4th quarter worth approximately $33,000. GAMMA Investing LLC purchased a new stake in shares of Permian Resources in the 4th quarter valued at approximately $43,000. Finally, Clearstead Advisors LLC purchased a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $45,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.