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

Truist Financial started coverage on shares of Permian Resources (NYSE:PR) in a report issued on Tuesday morning, Marketbeat reports. The firm issued a buy rating and a $24.00 price objective on the stock.

Other equities analysts have also recently issued research reports about the company. Zacks Research upgraded Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Raymond James Financial restated a “strong-buy” rating and set a $21.00 target price on shares of Permian Resources in a research note on Thursday, February 26th. Wells Fargo & Company raised their target price on shares of Permian Resources from $17.00 to $21.00 and gave the company an “overweight” rating in a report on Monday, March 16th. Piper Sandler lifted their price target on shares of Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Finally, The Goldman Sachs Group boosted their price target on shares of Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $21.07.

Permian Resources Stock Up 3.9%

Permian Resources stock opened at $20.69 on Tuesday. The firm has a market capitalization of $17.30 billion, a P/E ratio of 16.55, a P/E/G ratio of 3.99 and a beta of 0.66. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. Permian Resources has a twelve month low of $10.01 and a twelve month high of $20.76. The stock’s fifty day simple moving average is $17.33 and its 200-day simple moving average is $14.86.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the business posted $0.36 earnings per share. Permian Resources’s revenue was down 9.8% compared to the same quarter last year. As a group, equities analysts expect that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.16 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 annualized dividend and a dividend yield of 3.1%. Permian Resources’s dividend payout ratio is 51.20%.

Insider Activity

In other Permian Resources news, CEO James H. Walter sold 673,425 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 value of $12,377,551.50. Following the transaction, the chief executive officer directly owned 9,389,405 shares in the company, valued at $172,577,263.90. This represents a 6.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeffrey Tepper sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $19.38, for a total transaction of $969,000.00. Following the sale, the director directly owned 150,546 shares in the company, valued at approximately $2,917,581.48. The trade was a 24.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 5,340,522 shares of company stock valued at $89,069,383 over the last 90 days. Insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PR. Hsbc Holdings PLC purchased a new stake in Permian Resources in the fourth quarter valued at $774,000. Rockefeller Capital Management L.P. grew its holdings in shares of Permian Resources by 6.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 24,063 shares of the company’s stock worth $338,000 after purchasing an additional 1,498 shares during the last quarter. Corient Private Wealth LLC grew its holdings in shares of Permian Resources by 80.0% during the fourth quarter. Corient Private Wealth LLC now owns 80,764 shares of the company’s stock worth $1,133,000 after purchasing an additional 35,905 shares during the last quarter. SHP Wealth Management acquired a new stake in shares of Permian Resources during the fourth quarter worth about $27,000. Finally, Fearnley Asset Management AS purchased a new stake in shares of Permian Resources in the 4th quarter valued at about $7,175,000. 91.84% of the stock is owned by hedge funds and other 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.