Permian Resources (NYSE:PR) Price Target Cut to $22.00 by Analysts at Raymond James Financial

Permian Resources (NYSE:PR) had its price objective reduced by Raymond James Financial from $23.00 to $22.00 in a report published on Tuesday morning,Benzinga reports. They currently have a strong-buy rating on the stock.

A number of other equities research analysts have also weighed in on the company. Wells Fargo & Company lifted their price objective on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 13th. Bank of America lifted their price objective on Permian Resources from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Royal Bank Of Canada lifted their price objective on Permian Resources from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday, May 16th. The Goldman Sachs Group lifted their price objective on Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, May 16th. Finally, Susquehanna boosted their price target on Permian Resources from $19.00 to $20.00 and gave the stock a “positive” rating in a research note on Wednesday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Permian Resources presently has an average rating of “Buy” and a consensus target price of $18.47.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $14.51 on Tuesday. The stock has a market capitalization of $11.61 billion, a P/E ratio of 9.42 and a beta of 1.42. Permian Resources has a one year low of $10.01 and a one year high of $16.33. The business’s 50 day simple moving average is $13.78 and its two-hundred day simple moving average is $13.30. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.27. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The business’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period last year, the company earned $0.39 EPS. Analysts forecast that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Tuesday, September 16th. Permian Resources’s dividend payout ratio is 38.96%.

Institutional Trading of Permian Resources

Several hedge funds have recently bought and sold shares of the stock. UMB Bank n.a. grew its holdings in Permian Resources by 12.6% during the second quarter. UMB Bank n.a. now owns 6,953 shares of the company’s stock valued at $95,000 after purchasing an additional 778 shares during the period. SCS Capital Management LLC boosted its stake in shares of Permian Resources by 0.6% in the second quarter. SCS Capital Management LLC now owns 141,205 shares of the company’s stock worth $1,923,000 after acquiring an additional 870 shares during the period. Hexagon Capital Partners LLC boosted its stake in shares of Permian Resources by 30.8% in the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company’s stock worth $54,000 after acquiring an additional 921 shares during the period. HighPoint Advisor Group LLC boosted its stake in shares of Permian Resources by 5.1% in the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company’s stock worth $283,000 after acquiring an additional 986 shares during the period. Finally, Vident Advisory LLC boosted its stake in shares of Permian Resources by 9.9% in the first quarter. Vident Advisory LLC now owns 11,321 shares of the company’s stock worth $157,000 after acquiring an additional 1,019 shares during the period. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.