Permian Resources Co. (NASDAQ:PR) Receives $19.31 Consensus Target Price from Analysts

Permian Resources Co. (NASDAQ:PR) has received a consensus recommendation of “Moderate Buy” from the fourteen analysts that are covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $19.31.

Several research firms have commented on PR. Truist Financial upped their price objective on Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Susquehanna boosted their target price on Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. Raymond James started coverage on Permian Resources in a research report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 target price on the stock. Wells Fargo & Company boosted their target price on Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Finally, Stifel Nicolaus upped their price target on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 22nd.

Permian Resources Price Performance

NASDAQ:PR opened at $16.76 on Friday. Permian Resources has a 52 week low of $8.94 and a 52 week high of $18.28. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $12.94 billion, a P/E ratio of 14.45 and a beta of 4.35. The stock’s fifty day moving average is $16.80 and its two-hundred day moving average is $14.74.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Equities analysts expect that Permian Resources will post 1.66 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were issued a dividend of $0.05 per share. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.19%. Permian Resources’s dividend payout ratio (DPR) is presently 17.24%.

Insider Buying and Selling

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock valued at $516,796,999 over the last quarter. Corporate insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Retirement Systems of Alabama increased its holdings in shares of Permian Resources by 22.4% during the 1st quarter. Retirement Systems of Alabama now owns 577,336 shares of the company’s stock worth $10,196,000 after purchasing an additional 105,565 shares during the period. Van ECK Associates Corp raised its position in Permian Resources by 12.0% in the first quarter. Van ECK Associates Corp now owns 1,629,429 shares of the company’s stock worth $28,776,000 after purchasing an additional 174,695 shares in the last quarter. SpiderRock Advisors LLC acquired a new stake in shares of Permian Resources during the first quarter worth approximately $1,591,000. Outfitter Financial LLC increased its holdings in shares of Permian Resources by 3.1% during the first quarter. Outfitter Financial LLC now owns 49,488 shares of the company’s stock worth $874,000 after buying an additional 1,485 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its holdings in shares of Permian Resources by 94.1% during the first quarter. Commonwealth Equity Services LLC now owns 49,543 shares of the company’s stock worth $875,000 after buying an additional 24,016 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.