Permian Resources (NYSE:PR) Coverage Initiated by Analysts at KeyCorp

KeyCorp initiated coverage on shares of Permian Resources (NYSE:PR) in a research report sent to investors on Tuesday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $25.00 price objective on the stock.

Several other equities research analysts have also commented on the company. Benchmark lowered Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Mizuho upped their target price on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Susquehanna cut their target price on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a research note on Monday, January 26th. Bank of America reissued a “neutral” rating and set a $16.00 target price (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Finally, 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 research note on Wednesday, March 11th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $21.67.

Permian Resources Price Performance

Shares of NYSE PR opened at $21.35 on Tuesday. Permian Resources has a twelve month low of $10.01 and a twelve month high of $21.99. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $18.65 and a 200 day simple moving average of $15.40. The company has a market capitalization of $17.86 billion, a PE ratio of 17.08, a P/E/G ratio of 3.15 and a beta of 0.56.

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

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were issued a $0.16 dividend. The ex-dividend date was Tuesday, March 17th. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 3.0%. Permian Resources’s dividend payout ratio is currently 51.20%.

Insiders Place Their Bets

In other Permian Resources news, CEO James H. Walter sold 673,425 shares of the firm’s stock in a transaction 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 transaction, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 158,385 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the completion of the transaction, the executive vice president directly owned 1,567,172 shares in the company, valued at $28,820,293.08. This trade represents a 9.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 3,130,066 shares of company stock valued at $58,837,655. 6.44% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PR. Bank of New York Mellon Corp lifted its stake in shares of Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after buying an additional 13,483,136 shares in the last quarter. Boston Partners lifted its holdings in shares of Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after purchasing an additional 7,503,654 shares in the last quarter. 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 purchasing an additional 6,705,644 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after purchasing an additional 6,678,814 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Permian Resources by 20.9% in the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock valued at $346,919,000 after purchasing an additional 4,691,280 shares in the last quarter. 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.