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

Permian Resources Corporation (NYSE:PR) has been assigned a consensus rating of “Moderate Buy” from the eighteen research firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $18.9231.

PR has been the topic of several research reports. Piper Sandler dropped their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. TD Cowen upgraded Permian Resources to a “strong-buy” rating in a research note on Monday, February 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Permian Resources in a report on Monday, December 29th. Wall Street Zen upgraded Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Bank of America reissued a “neutral” rating and issued a $16.00 target price (down from $17.00) on shares of Permian Resources in a report on Friday, January 16th.

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 172,904 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the transaction, the executive vice president owned 616,683 shares in the company, valued at $8,405,389.29. This trade represents a 21.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William M. Hickey III sold 467,725 shares of the business’s stock in a transaction on 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 sale, the chief executive officer directly owned 1,010,136 shares of the company’s stock, valued at approximately $13,768,153.68. The trade was a 31.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,210,456 shares of company stock valued at $30,231,728 in the last three months. Corporate insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC increased its position in Permian Resources by 69.2% in the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after buying an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Permian Resources by 18.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after acquiring an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Permian Resources by 7.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after acquiring an additional 87,105 shares during the period. Envestnet Asset Management Inc. increased its holdings in Permian Resources by 6.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 898,087 shares of the company’s stock worth $12,232,000 after acquiring an additional 54,680 shares in the last quarter. Finally, World Investment Advisors raised its stake in Permian Resources by 34.0% during the 2nd quarter. World Investment Advisors now owns 13,961 shares of the company’s stock worth $190,000 after acquiring an additional 3,544 shares during the period. 91.84% of the stock is owned by institutional investors.

Permian Resources Trading Down 2.4%

Permian Resources stock opened at $18.34 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. Permian Resources has a one year low of $10.01 and a one year high of $19.38. The stock has a market capitalization of $15.21 billion, a PE ratio of 14.67 and a beta of 0.66. The business’s fifty day moving average is $15.70 and its 200 day moving average is $14.28.

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

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a $0.16 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date is Tuesday, March 17th. This represents a $0.64 annualized dividend and a dividend yield of 3.5%. Permian Resources’s dividend payout ratio (DPR) is currently 48.00%.

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.