Permian Resources (NYSE:PR) Price Target Raised to $27.00 at Piper Sandler

Permian Resources (NYSE:PR) had its price objective lifted by Piper Sandler from $24.00 to $27.00 in a report published on Thursday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other equities analysts have also recently issued reports on the company. Wall Street Zen upgraded Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. UBS Group boosted their target price on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. The Goldman Sachs Group increased their target price on shares of Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday. Mizuho raised their price target on shares of Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Finally, Citigroup lifted their price target on shares of Permian Resources from $17.00 to $21.00 and gave the company a “buy” rating in a report on Friday, March 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.42.

Permian Resources Stock Down 1.4%

Shares of Permian Resources stock opened at $19.09 on Thursday. The business has a 50-day moving average price of $16.39 and a 200 day moving average price of $14.54. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $19.64. The firm has a market cap of $15.83 billion, a P/E ratio of 15.27 and a beta of 0.66. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.Permian Resources’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 EPS. On average, sell-side analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio is 48.00%.

Insider Activity at Permian Resources

In other news, Director William J. Quinn sold 800,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $19.15, for a total value of $15,320,000.00. Following the completion of the sale, the director directly owned 7,426,839 shares of the company’s stock, valued at approximately $142,223,966.85. This represents a 9.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William M. Hickey III sold 898,423 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction of $16,513,014.74. Following the completion of the transaction, the chief executive officer owned 9,389,405 shares of the company’s stock, valued at $172,577,263.90. This trade represents a 8.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 4,765,093 shares of company stock worth $77,807,101 in the last three months. Insiders own 6.44% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PR. Bank of New York Mellon Corp increased its position in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after purchasing an additional 13,483,136 shares during the period. Boston Partners acquired a new stake in shares of Permian Resources in the second quarter valued at $134,119,000. Vanguard Group Inc. lifted its holdings in shares of Permian Resources by 10.4% in the third 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 period. Millennium Management LLC boosted its stake in Permian Resources by 210.6% during the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after buying an additional 6,678,814 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Permian Resources by 20.9% during the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after acquiring an additional 4,691,280 shares during the period. 91.84% of the stock is owned by institutional investors.

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.