Permian Resources Corporation (PR) – What Are Brokerages Saying About This Stock?

Permian Resources Corporation (NYSE:PR) has been given a consensus rating of “Buy” by the twenty-two brokerages that are presently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, fifteen have assigned a buy recommendation and five have issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $26.39.

A number of brokerages have issued reports on PR. Wells Fargo & Company increased their price objective on shares of Permian Resources from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, October 14th. KeyCorp boosted their target price on shares of Permian Resources from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, September 15th. Mizuho raised shares of Permian Resources to a “strong-buy” rating in a report on Friday, July 31st. UBS Group upped their target price on shares of Permian Resources from $24.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, September 14th. Finally, Seaport Research Partners initiated coverage on shares of Permian Resources in a research note on Thursday, September 3rd. They set a “buy” rating and a $29.00 target price for the company.

Permian Resources Stock Performance

NYSE PR opened at $24.84 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources has a twelve month low of $12.06 and a twelve month high of $25.21. The business has a 50-day moving average price of $23.00 and a 200-day moving average price of $21.06. The firm has a market cap of $20.81 billion, a price-to-earnings ratio of 16.45 and a beta of 0.66.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the company earned $0.28 EPS. The firm’s quarterly revenue was up 55.1% on a year-over-year basis. As a group, equities research analysts predict that Permian Resources will post 2.37 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a yield of 2.6%. Permian Resources’s dividend payout ratio is presently 42.38%.

Insider Activity

In related news, EVP Guy Oliphint sold 5,103 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the sale, the executive vice president owned 537,400 shares in the company, valued at approximately $12,763,250. This represents a 0.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the sale, the executive vice president directly owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. This represents a 0.38% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 15,699 shares of company stock worth $372,851. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Permian Resources

Large investors have recently modified their holdings of the company. Crescent Grove Advisors LLC purchased a new position in shares of Permian Resources in the 3rd quarter worth approximately $205,000. Quadrant Capital Group LLC raised its stake in shares of Permian Resources by 1.6% during the 3rd quarter. Quadrant Capital Group LLC now owns 40,003 shares of the company’s stock worth $845,000 after acquiring an additional 635 shares in the last quarter. Range Financial Group LLC purchased a new stake in Permian Resources during the third quarter valued at approximately $743,000. Uncommon Cents Investing Inc lifted its position in Permian Resources by 9.9% during the third quarter. Uncommon Cents Investing Inc now owns 23,665 shares of the company’s stock valued at $500,000 after acquiring an additional 2,125 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in Permian Resources by 30.6% in the third quarter. Nisa Investment Advisors LLC now owns 23,890 shares of the company’s stock valued at $505,000 after acquiring an additional 5,597 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.