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

Shares of Permian Resources Corporation (NYSE:PR) have been given an average rating of “Moderate Buy” by the seventeen research firms that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $19.0667.

PR has been the subject of several research analyst reports. Wall Street Zen raised Permian Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Wells Fargo & Company decreased their price target on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. Scotiabank started coverage on shares of Permian Resources in a research report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price objective on the stock. Raymond James Financial dropped their price objective on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, September 2nd. Finally, Piper Sandler decreased their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, November 18th.

Institutional Investors Weigh In On Permian Resources

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Permian Resources by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after buying an additional 6,705,644 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after buying an additional 4,691,280 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Permian Resources by 86.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock worth $326,380,000 after acquiring an additional 11,133,354 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Permian Resources by 8.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after acquiring an additional 1,421,059 shares in the last quarter. Finally, Boston Partners increased its stake in shares of Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after acquiring an additional 7,503,654 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Performance

Shares of PR stock opened at $13.78 on Friday. The stock’s 50-day moving average is $13.47 and its two-hundred day moving average is $13.63. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.03. The firm has a market cap of $11.43 billion, a price-to-earnings ratio of 12.64 and a beta of 0.70.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period last year, the company earned $0.53 earnings per share. Analysts predict that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Wednesday, December 17th. Permian Resources’s dividend payout ratio (DPR) is presently 55.05%.

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.