Permian Resources’ (PR) “Buy” Rating Reiterated at Bank of America

Bank of America reiterated their buy rating on shares of Permian Resources (NASDAQ:PR) in a research note published on Friday, Marketbeat Ratings reports. The brokerage currently has a $20.00 price target on the stock.

PR has been the topic of several other reports. Truist Financial increased their price objective on Permian Resources from $22.00 to $23.00 and gave the company a buy rating in a research report on Monday, April 22nd. JPMorgan Chase & Co. raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an overweight rating in a report on Friday, April 12th. Wells Fargo & Company boosted their price objective on shares of Permian Resources from $18.00 to $21.00 and gave the company an overweight rating in a report on Wednesday, April 17th. Susquehanna raised their target price on shares of Permian Resources from $16.00 to $18.00 and gave the stock a neutral rating in a report on Monday, April 22nd. Finally, Citigroup lifted their target price on shares of Permian Resources from $17.00 to $19.00 and gave the stock a buy rating in a research report on Friday, March 1st. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Buy and a consensus price target of $20.31.

Permian Resources Stock Down 0.9 %

Shares of Permian Resources stock opened at $15.04 on Friday. The company has a 50-day simple moving average of $16.61 and a two-hundred day simple moving average of $15.23. Permian Resources has a 52-week low of $9.79 and a 52-week high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a market capitalization of $11.58 billion, a PE ratio of 13.67 and a beta of 4.26.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. On average, analysts anticipate that Permian Resources will post 1.8 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were issued a $0.06 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date was Monday, May 20th. Permian Resources’s dividend payout ratio (DPR) is currently 21.82%.

Insider Buying and Selling at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the sale, the director now directly owns 158,665 shares of the company’s stock, valued at approximately $2,605,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds have recently modified their holdings of PR. Principal Financial Group Inc. boosted its stake in shares of Permian Resources by 47.4% in the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock worth $23,466,000 after acquiring an additional 554,694 shares during the period. Mount Lucas Management LP purchased a new position in Permian Resources in the 4th quarter worth approximately $746,000. Tower Research Capital LLC TRC lifted its holdings in Permian Resources by 317.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after purchasing an additional 18,398 shares in the last quarter. Franklin Resources Inc. boosted its stake in Permian Resources by 74.2% in the 4th quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after purchasing an additional 149,851 shares during the period. Finally, Swiss National Bank grew its holdings in Permian Resources by 31.1% during the 4th quarter. Swiss National Bank now owns 724,348 shares of the company’s stock valued at $9,851,000 after buying an additional 171,648 shares in the last quarter. 91.84% of the stock is currently 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.