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

Permian Resources Corporation (NYSE:PR) has been assigned an average rating of “Moderate Buy” from the eighteen research firms that are currently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $21.0714.

A number of equities research analysts have recently commented on PR shares. Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. Wells Fargo & Company raised their target price on shares of Permian Resources from $17.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday, March 16th. Susquehanna lowered their target price on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research note on Monday, January 26th. Mizuho boosted their price target on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Finally, The Goldman Sachs Group raised their price objective on Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th.

Permian Resources Stock Up 0.7%

PR opened at $21.62 on Friday. The firm has a market cap of $18.08 billion, a P/E ratio of 17.29, a PEG ratio of 3.62 and a beta of 0.66. The business’s fifty day simple moving average is $17.74 and its 200 day simple moving average is $15.01. Permian Resources has a 52 week low of $10.01 and a 52 week high of $21.80. 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 announced its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.09. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The firm’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 EPS. As a group, equities research analysts anticipate that Permian Resources will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.0%. 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 51.20%.

Insider Buying and Selling

In related news, CEO James H. Walter sold 673,425 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $12,377,551.50. Following the sale, the chief executive officer directly owned 9,389,405 shares of the company’s stock, valued at approximately $172,577,263.90. This trade represents a 6.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Aron Marquez sold 7,750 shares of the business’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total transaction of $152,055.00. Following the completion of the sale, the director owned 72,218 shares of the company’s stock, valued at approximately $1,416,917.16. The trade was a 9.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 5,340,522 shares of company stock worth $89,069,383 over the last ninety days. Insiders own 6.44% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of large investors have recently bought and sold shares of PR. Ruffer LLP purchased a new position in shares of Permian Resources in the 3rd quarter worth about $2,608,000. Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 8.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock worth $236,207,000 after purchasing an additional 1,421,059 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its position in Permian Resources by 101.0% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock worth $6,920,000 after purchasing an additional 271,668 shares in the last quarter. Cresset Asset Management LLC increased its position in Permian Resources by 599.2% during the 2nd quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock worth $2,377,000 after purchasing an additional 149,548 shares in the last quarter. Finally, SCP Investment LP raised its holdings in Permian Resources by 225.0% in the third quarter. SCP Investment LP now owns 93,600 shares of the company’s stock valued at $1,198,000 after buying an additional 64,800 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.