Permian Resources (NYSE:PR) Price Target Raised to $21.00

Permian Resources (NYSE:PR) had its target price raised by Piper Sandler from $20.00 to $21.00 in a research note released on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Other analysts have also recently issued reports about the company. Mizuho lowered their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Benchmark lowered their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. UBS Group lowered their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Finally, Truist Financial lifted their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Price Performance

Permian Resources stock opened at $15.97 on Monday. Permian Resources has a 52 week low of $12.34 and a 52 week high of $18.28. The firm has a market cap of $12.83 billion, a P/E ratio of 9.68, a P/E/G ratio of 0.91 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The business’s fifty day moving average is $14.22 and its two-hundred day moving average is $14.98.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same period last year, the firm earned $0.36 EPS. Equities research analysts forecast that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.76%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, November 14th. Permian Resources’s dividend payout ratio is currently 36.36%.

Insider Activity at Permian Resources

In other news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This represents a 7.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 4,821 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 value of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The trade was a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. grew its position in shares of Permian Resources by 10.4% in 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. Castleark Management LLC increased its position in Permian Resources by 370.0% during the 1st quarter. Castleark Management LLC now owns 96,160 shares of the company’s stock worth $1,698,000 after buying an additional 75,700 shares during the period. California State Teachers Retirement System lifted its holdings in shares of 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 in the last quarter. Janus Henderson Group PLC grew its stake in shares of Permian Resources by 88.3% in the first quarter. Janus Henderson Group PLC now owns 330,382 shares of the company’s stock valued at $5,833,000 after acquiring an additional 154,907 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its position in Permian Resources by 47.2% during the first quarter. 1832 Asset Management L.P. now owns 1,322,381 shares of the company’s stock worth $23,353,000 after acquiring an additional 423,824 shares during the period. 91.84% of the stock is owned by institutional investors.

About Permian Resources

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.