Permian Resources (NASDAQ:PR) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Permian Resources (NASDAQ:PR) in a research note published on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a $20.00 price objective on the stock.

Several other research analysts have also recently weighed in on PR. Susquehanna upped their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the stock a neutral rating in a research report on Monday, April 22nd. Bank of America reissued a buy rating and issued a $20.00 price target on shares of Permian Resources in a report on Friday, June 14th. UBS Group upgraded shares of Permian Resources from a neutral rating to a buy rating and lifted their price target for the company from $20.00 to $21.00 in a report on Friday, June 14th. Piper Sandler lifted their price target on Permian Resources from $22.00 to $23.00 and gave the company an overweight rating in a research report on Friday, April 19th. Finally, Mizuho lifted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company a buy rating in a report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $20.50.

Permian Resources Trading Down 3.5 %

NASDAQ PR opened at $14.81 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. The business’s fifty day moving average is $15.80 and its 200-day moving average is $15.83. Permian Resources has a one year low of $11.17 and a one year high of $18.28. The stock has a market capitalization of $11.40 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 0.60 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. Equities research analysts predict that Permian Resources will post 1.71 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.62%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, May 20th. Permian Resources’s payout ratio is 21.82%.

Insider Transactions at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction 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 $2,605,279.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 12.80% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

Hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new stake in shares of Permian Resources in the fourth quarter valued at $167,000. Raymond James & Associates increased its holdings in shares of Permian Resources by 26.1% during the fourth quarter. Raymond James & Associates now owns 634,123 shares of the company’s stock valued at $8,624,000 after acquiring an additional 131,078 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Permian Resources by 143.3% during the fourth quarter. Pacer Advisors Inc. now owns 56,627 shares of the company’s stock valued at $770,000 after buying an additional 33,349 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Permian Resources by 36.1% in the 4th quarter. State of Alaska Department of Revenue now owns 44,910 shares of the company’s stock valued at $610,000 after acquiring an additional 11,920 shares during the period. Finally, Realta Investment Advisors purchased a new position in Permian Resources in the 4th quarter worth $224,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.