Permian Resources (NASDAQ:PR) Stock Rating Reaffirmed by Benchmark

Benchmark restated their buy rating on shares of Permian Resources (NASDAQ:PR) in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has a $17.00 target price on the stock.

Several other brokerages also recently issued reports on PR. Bank of America began coverage on shares of Permian Resources in a report on Friday, January 5th. They set a neutral rating and a $15.00 price target for the company. Truist Financial upped their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock a buy rating in a report on Monday. Citigroup upped their price target on shares of Permian Resources from $17.00 to $19.00 and gave the stock a buy rating in a report on Friday, March 1st. Mizuho upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a report on Monday, April 15th. Finally, Piper Sandler upped their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock an overweight rating in a report on Friday, April 19th. Three 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. According to MarketBeat, Permian Resources has a consensus rating of Moderate Buy and a consensus price target of $19.31.

Permian Resources Stock Up 0.1 %

NASDAQ PR opened at $17.19 on Tuesday. The business has a fifty day moving average price of $16.51 and a two-hundred day moving average price of $14.63. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. Permian Resources has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The stock has a market capitalization of $13.27 billion, a PE ratio of 14.82 and a beta of 4.35.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Equities analysts expect that Permian Resources will post 1.72 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

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

Insiders Place Their Bets

In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the 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 sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the 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 sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,916,943 shares of company stock worth $516,796,999. Company insiders own 23.14% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new position in shares of Permian Resources during the 1st quarter worth about $25,000. Parallel Advisors LLC lifted 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 acquiring an additional 1,178 shares in the last quarter. Rise Advisors LLC bought a new position in Permian Resources in the 1st quarter valued at about $32,000. DekaBank Deutsche Girozentrale bought a new position in Permian Resources in the 4th quarter valued at about $33,000. Finally, GAMMA Investing LLC bought a new position in Permian Resources in the 4th quarter valued at about $43,000. Institutional investors 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.