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

Permian Resources Corporation (NYSE:PR) has earned an average rating of “Moderate Buy” from the sixteen brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, twelve have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $18.7857.

Several equities analysts have issued reports on the stock. The Goldman Sachs Group upped their target price on shares of Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Scotiabank began coverage on shares of Permian Resources in a report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price objective for the company. Mizuho raised their target price on shares of Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. UBS Group lifted their target price on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a research note on Monday, December 29th.

Insider Buying and Selling

In other news, CEO William M. Hickey III sold 467,725 shares of the company’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the completion of the sale, the chief executive officer owned 1,010,136 shares of the company’s stock, valued at $13,768,153.68. This represents a 31.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert Regan Shannon sold 106,405 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the completion of the transaction, the executive vice president owned 360,667 shares in the company, valued at $4,915,891.21. This trade represents a 22.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,210,456 shares of company stock valued at $30,231,728 in the last 90 days. Insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several large investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC raised its position in Permian Resources by 114.1% in the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after acquiring an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Permian Resources by 154.4% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after acquiring an additional 1,391 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Permian Resources in the 2nd quarter worth $36,000. Parkside Financial Bank & Trust raised its holdings in Permian Resources by 90.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after purchasing an additional 1,357 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in Permian Resources by 204.3% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 3,825 shares of the company’s stock worth $52,000 after purchasing an additional 2,568 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Performance

PR stock opened at $14.01 on Tuesday. The stock’s 50 day simple moving average is $13.99 and its 200 day simple moving average is $13.61. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. Permian Resources has a 12-month low of $10.01 and a 12-month high of $16.03. The stock has a market capitalization of $11.61 billion, a PE ratio of 12.85 and a beta of 0.66.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the firm earned $0.53 EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, research analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Wednesday, December 17th. Permian Resources’s dividend payout ratio is 55.05%.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.