Permian Resources (NASDAQ:PR) Earns Buy Rating from Benchmark

Benchmark reaffirmed their buy rating on shares of Permian Resources (NASDAQ:PR) in a research note released on Tuesday, Benzinga reports. They currently have a $17.00 price target on the stock.

A number of other research firms have also recently weighed in on PR. Bank of America assumed coverage on Permian Resources in a report on Friday, January 5th. They issued a neutral rating and a $15.00 price target for the company. Susquehanna upped their price target on Permian Resources from $16.00 to $18.00 and gave the stock a neutral rating in a report on Monday. JPMorgan Chase & Co. upped their price target on Permian Resources from $18.00 to $20.00 and gave the stock an overweight rating in a report on Friday, April 12th. Mizuho increased their target price on Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a report on Monday, April 15th. Finally, Piper Sandler increased their target price on Permian Resources from $22.00 to $23.00 and gave the company an overweight rating in a report on Friday, April 19th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $19.31.

Permian Resources Stock Performance

Shares of PR opened at $17.33 on Tuesday. The stock has a 50-day moving average of $16.63 and a two-hundred day moving average of $14.67. Permian Resources has a one year low of $8.94 and a one year high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market cap of $13.38 billion, a P/E ratio of 14.94 and a beta of 4.35.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. As a group, research analysts predict that Permian Resources will post 1.66 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a yield of 1.15%. Permian Resources’s payout ratio is 17.24%.

Insider Buying and Selling

In related news, CAO Brent P. Jensen sold 1,853 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the transaction, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Brent P. Jensen sold 84,554 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $14.96, for a total transaction of $1,264,927.84. Following the completion of the transaction, the chief accounting officer now directly owns 932,325 shares in the company, valued at $13,947,582. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,916,943 shares of company stock worth $516,796,999. Company insiders own 23.14% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PR. Global Retirement Partners LLC acquired a new stake in shares of Permian Resources in the first quarter valued at $25,000. Parallel Advisors LLC raised its stake in Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after buying an additional 1,178 shares in the last quarter. Rise Advisors LLC acquired a new stake in Permian Resources in the first quarter valued at $32,000. DekaBank Deutsche Girozentrale acquired a new stake in Permian Resources in the fourth quarter valued at $33,000. Finally, GAMMA Investing LLC acquired a new stake in Permian Resources in the fourth quarter valued at $43,000. 91.84% of the stock is currently owned by hedge funds and other 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.