Permian Resources (NASDAQ:PR) PT Lowered to $21.00 at Piper Sandler

Permian Resources (NASDAQ:PR) had its price objective decreased by Piper Sandler from $23.00 to $21.00 in a research note issued to investors on Thursday, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other research firms have also commented on PR. Citigroup decreased their price target on Permian Resources from $20.00 to $18.00 and set a buy rating on the stock in a research report on Friday, August 9th. Benchmark reaffirmed a buy rating and issued a $17.00 price target on shares of Permian Resources in a report on Wednesday, August 7th. Susquehanna decreased their price objective on shares of Permian Resources from $18.00 to $16.00 and set a neutral rating on the stock in a report on Thursday, August 8th. Wells Fargo & Company boosted their target price on shares of Permian Resources from $18.00 to $21.00 and gave the stock an overweight rating in a research note on Wednesday, April 17th. Finally, BMO Capital Markets raised shares of Permian Resources from a market perform rating to an outperform rating and set a $21.00 price target on the stock in a research note on Wednesday, July 3rd. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $20.00.

Permian Resources Stock Performance

Permian Resources stock opened at $14.87 on Thursday. The firm has a market capitalization of $11.45 billion, a P/E ratio of 13.52, a P/E/G ratio of 0.57 and a beta of 4.37. The stock has a fifty day moving average price of $15.51 and a two-hundred day moving average price of $15.92. Permian Resources has a 52-week low of $12.24 and a 52-week high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm’s revenue for the quarter was up 99.9% on a year-over-year basis. During the same quarter last year, the company posted $0.27 EPS. As a group, analysts anticipate that Permian Resources will post 1.7 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 1.61%. Permian Resources’s payout ratio is currently 21.82%.

Institutional Investors Weigh In On Permian Resources

Several large investors have recently bought and sold shares of PR. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Permian Resources in the fourth quarter worth about $353,683,000. Vanguard Group Inc. increased its stake in Permian Resources by 69.7% during the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after purchasing an additional 19,847,358 shares in the last quarter. OnyxPoint Global Management LP acquired a new stake in Permian Resources during the 4th quarter worth approximately $114,159,000. Massachusetts Financial Services Co. MA lifted its stake in Permian Resources by 96.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after buying an additional 6,464,093 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Permian Resources by 480.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock valued at $106,924,000 after buying an additional 5,012,287 shares during the period. 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.