Permian Resources (NASDAQ:PR) PT Raised to $18.00

Permian Resources (NASDAQ:PR) had its target price upped by Susquehanna from $16.00 to $18.00 in a research note published on Monday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

PR has been the topic of a number of other research reports. Benchmark lifted their target price on Permian Resources from $16.00 to $17.00 and gave the company a buy rating in a report on Tuesday, March 5th. Piper Sandler lifted their target price on Permian Resources from $22.00 to $23.00 and gave the stock an overweight rating in a research report on Friday, April 19th. Royal Bank of Canada reiterated an outperform rating and issued a $17.00 price target on shares of Permian Resources in a research note on Friday, April 12th. Citigroup lifted their price target on Permian Resources from $17.00 to $19.00 and gave the stock a buy rating in a research note on Friday, March 1st. Finally, Mizuho lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a research note on Monday, April 15th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $19.31.

Permian Resources Stock Performance

Shares of PR stock opened at $17.33 on Monday. The company has a market cap of $13.38 billion, a price-to-earnings ratio of 14.94 and a beta of 4.35. The stock has a 50 day simple moving average of $16.63 and a 200-day simple moving average of $14.67. Permian Resources has a 12-month low of $8.94 and a 12-month high of $18.28. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.

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

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Tuesday, March 12th. Permian Resources’s dividend payout ratio (DPR) is currently 17.24%.

Insider Buying and Selling at Permian Resources

In other Permian Resources 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 sale, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The sale was disclosed in a document filed with the SEC, which is available through 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 in the last three months. 23.14% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently bought and sold shares of the business. New York State Teachers Retirement System boosted its holdings in Permian Resources by 7.3% in the first quarter. New York State Teachers Retirement System now owns 119,908 shares of the company’s stock worth $2,118,000 after purchasing an additional 8,200 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Permian Resources by 60.5% during the 1st quarter. Bank of New York Mellon Corp now owns 7,551,413 shares of the company’s stock worth $133,358,000 after acquiring an additional 2,846,471 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Permian Resources by 37.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 158,753 shares of the company’s stock worth $2,804,000 after acquiring an additional 43,664 shares during the last quarter. Simplicity Wealth LLC acquired a new position in Permian Resources during the 1st quarter worth $221,000. Finally, Global Retirement Partners LLC acquired a new position in Permian Resources during the 1st quarter worth $25,000. 91.84% of the stock is currently owned by institutional investors.

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.