Citigroup Cuts Permian Resources (NYSE:PR) Price Target to $24.00

Permian Resources (NYSE:PR) had its price objective reduced by Citigroup from $26.00 to $24.00 in a report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued research reports about the company. TD Cowen boosted their price objective on Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 17th. KeyCorp began coverage on Permian Resources in a research report on Tuesday, April 7th. They issued an “overweight” rating and a $25.00 target price on the stock. Truist Financial cut their target price on Permian Resources from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, July 13th. Roth Capital set a $23.00 price target on shares of Permian Resources and gave the company a “buy” rating in a report on Monday, June 22nd. Finally, Wells Fargo & Company set a $26.00 price target on shares of Permian Resources in a research report on Monday, May 25th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $23.29.

Permian Resources Price Performance

PR opened at $20.20 on Wednesday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The company’s 50-day moving average price is $19.44 and its 200 day moving average price is $18.53. Permian Resources has a fifty-two week low of $11.92 and a fifty-two week high of $22.67. The firm has a market cap of $16.91 billion, a price-to-earnings ratio of 23.49 and a beta of 0.46.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.Permian Resources’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 earnings per share. As a group, sell-side analysts expect that Permian Resources will post 1.93 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. Permian Resources’s dividend payout ratio is presently 74.42%.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in 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 worth $352,906,000 after acquiring an additional 13,483,136 shares in the last quarter. Boston Partners boosted its position in shares of Permian Resources by 76.2% during the 3rd 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. Millennium Management LLC boosted its position in shares of Permian Resources by 210.6% during the 3rd 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. Arrowstreet Capital Limited Partnership acquired a new position in shares of Permian Resources in the 1st quarter worth approximately $121,041,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Permian Resources by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after purchasing an additional 4,533,732 shares during the last quarter. Institutional investors and hedge funds 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.