Permian Resources Corporation (NYSE:PR) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Permian Resources Corporation (NYSE:PR) have earned an average rating of “Moderate Buy” from the sixteen brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, thirteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $18.50.

PR has been the topic of several research reports. Bank of America increased their target price on Permian Resources from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, May 23rd. Royal Bank Of Canada increased their target price on Permian Resources from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, May 16th. Piper Sandler cut their target price on Permian Resources from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $23.00 target price (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Finally, Wells Fargo & Company cut their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, June 16th.

Permian Resources Trading Up 1.6%

Shares of Permian Resources stock opened at $13.93 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. The firm has a market cap of $11.19 billion, a PE ratio of 8.60 and a beta of 1.24. The business’s fifty day moving average is $13.16 and its two-hundred day moving average is $13.63. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $16.95.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Permian Resources had a return on equity of 11.96% and a net margin of 22.74%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business posted $0.25 earnings per share. Analysts anticipate that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.31%. Permian Resources’s dividend payout ratio is presently 37.04%.

Institutional Trading of Permian Resources

Large investors have recently modified their holdings of the business. Principal Securities Inc. grew its stake in shares of Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares in the last quarter. Allworth Financial LP grew its stake in shares of Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock valued at $29,000 after acquiring an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Permian Resources during the first quarter valued at about $30,000. Global Retirement Partners LLC grew its stake in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after acquiring an additional 1,232 shares in the last quarter. Finally, Rakuten Securities Inc. grew its stake in shares of Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after acquiring an additional 2,305 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.