Benchmark Reiterates Buy Rating for Permian Resources (NASDAQ:PR)

Benchmark reiterated their buy rating on shares of Permian Resources (NASDAQ:PR) in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has a $17.00 price target on the stock.

A number of other analysts have also recently issued reports on PR. Royal Bank of Canada reissued an outperform rating and set a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. Stifel Nicolaus increased their target price on Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a research note on Friday, March 22nd. Raymond James started coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They set a strong-buy rating and a $24.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock an overweight rating in a research note on Friday, April 12th. Finally, Bank of America started coverage on shares of Permian Resources in a research note on Friday, January 5th. They set a neutral rating and a $15.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $19.31.

Permian Resources Stock Performance

Permian Resources stock opened at $17.37 on Tuesday. 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 has a 1 year low of $8.94 and a 1 year high of $18.28. The company has a market cap of $13.41 billion, a PE ratio of 14.97 and a beta of 4.35. The company’s 50-day moving average is $16.69 and its two-hundred day moving average is $14.69.

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

Permian Resources Dividend Announcement

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

Insider Buying and Selling at Permian Resources

In other news, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 in the last quarter. 23.14% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Azzad Asset Management Inc. ADV grew its position in Permian Resources by 2.0% in the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock valued at $677,000 after acquiring an additional 740 shares during the last quarter. Arizona State Retirement System grew its position in Permian Resources by 1.5% in the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock valued at $999,000 after acquiring an additional 1,041 shares during the last quarter. Truist Financial Corp grew its position in Permian Resources by 9.4% in the fourth quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock valued at $172,000 after acquiring an additional 1,086 shares during the last quarter. Parallel Advisors LLC grew its position in Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after acquiring an additional 1,178 shares during the last quarter. Finally, Navellier & Associates Inc. grew its position in Permian Resources by 11.3% in the fourth quarter. Navellier & Associates Inc. now owns 11,688 shares of the company’s stock valued at $159,000 after acquiring an additional 1,187 shares during the last quarter. 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.