Permian Resources (NYSE:PR) Given New $20.00 Price Target at Piper Sandler

Permian Resources (NYSE:PR) had its price target reduced by Piper Sandler from $21.00 to $20.00 in a research report report published on Tuesday, Benzinga reports. They currently have an overweight rating on the stock.

PR has been the topic of several other research reports. Wolfe Research initiated coverage on Permian Resources in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. UBS Group reduced their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Benchmark reiterated a “buy” rating and set a $17.00 price target on shares of Permian Resources in a research report on Wednesday, August 7th. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Monday. Finally, JPMorgan Chase & Co. lowered their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $18.73.

Permian Resources Trading Up 1.6 %

PR stock opened at $14.21 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market capitalization of $11.40 billion, a price-to-earnings ratio of 11.37, a P/E/G ratio of 0.85 and a beta of 4.32. The business has a fifty day moving average price of $14.07 and a 200 day moving average price of $15.50. Permian Resources has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm’s quarterly revenue was up 99.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.27 EPS. Analysts expect that Permian Resources will post 1.48 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio is currently 19.20%.

Insider Activity at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

Several hedge funds have recently made changes to their positions in the business. American International Group Inc. boosted its position in Permian Resources by 10.4% during the first quarter. American International Group Inc. now owns 830,432 shares of the company’s stock valued at $14,665,000 after purchasing an additional 78,146 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in shares of Permian Resources by 22.4% in the 1st quarter. Retirement Systems of Alabama now owns 577,336 shares of the company’s stock valued at $10,196,000 after buying an additional 105,565 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after buying an additional 19,847,358 shares in the last quarter. Castleark Management LLC grew its stake in shares of Permian Resources by 370.0% in the first quarter. Castleark Management LLC now owns 96,160 shares of the company’s stock valued at $1,698,000 after buying an additional 75,700 shares in the last quarter. Finally, California State Teachers Retirement System increased its holdings in Permian Resources by 11.2% during the first quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock worth $7,693,000 after buying an additional 43,901 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.