Permian Resources (NASDAQ:PR) PT Raised to $21.00

Permian Resources (NASDAQ:PR) had its price objective boosted by Mizuho from $20.00 to $21.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently weighed in on the company. Susquehanna increased their price target on Permian Resources from $16.00 to $18.00 and gave the stock a neutral rating in a research note on Monday, April 22nd. Piper Sandler raised their target price on Permian Resources from $22.00 to $23.00 and gave the stock an overweight rating in a research note on Friday, April 19th. Stifel Nicolaus raised their target price on Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a research note on Friday, March 22nd. Truist Financial raised their target price on Permian Resources from $22.00 to $23.00 and gave the stock a buy rating in a research note on Monday, April 22nd. Finally, Wells Fargo & Company raised their target price on Permian Resources from $18.00 to $21.00 and gave the stock an overweight rating in a research note on Wednesday, April 17th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $19.38.

Permian Resources Stock Down 2.6 %

Shares of NASDAQ PR opened at $16.57 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.52. The stock has a market capitalization of $12.79 billion, a PE ratio of 15.06 and a beta of 4.32. Permian Resources has a one year low of $8.94 and a one year high of $18.28. The business’s fifty day moving average price is $17.07 and its 200-day moving average price is $14.85.

Permian Resources (NASDAQ:PR) last posted its quarterly 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. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. On average, equities research analysts anticipate that Permian Resources will post 1.69 EPS for the current year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.45%. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Monday, May 20th. Permian Resources’s dividend payout ratio (DPR) is currently 21.82%.

Insider Activity at Permian Resources

In related news, CAO Brent P. Jensen sold 1,853 shares of the firm’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 transaction, the chief accounting officer now directly 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 accessible through this link. In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction that occurred 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 transaction, the chief accounting officer now directly 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 Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Quinn sold 18,076,849 shares of Permian Resources stock in a transaction that occurred on Monday, March 4th. The stock was 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 directly owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. Corporate insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Large investors have recently bought and sold shares of the stock. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Permian Resources in the 4th quarter worth approximately $353,683,000. Vanguard Group Inc. grew its position in shares of Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after buying an additional 19,847,358 shares during the last quarter. OnyxPoint Global Management LP bought a new stake in shares of Permian Resources in the 4th quarter worth approximately $114,159,000. Massachusetts Financial Services Co. MA grew its position in shares of Permian Resources by 96.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock worth $178,961,000 after buying an additional 6,464,093 shares during the last quarter. Finally, Jennison Associates LLC bought a new stake in shares of Permian Resources in the 3rd quarter worth approximately $76,629,000. 91.84% of the stock is owned by hedge funds and other 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.