Permian Resources (NYSE:PR) Price Target Raised to $26.00

Permian Resources (NYSE:PR) had its price target boosted by Citigroup from $21.00 to $26.00 in a report issued on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other research firms also recently issued reports on PR. Mizuho lifted their price target on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Benchmark cut shares of Permian Resources from a “buy” rating to a “hold” rating in a research note on Thursday, March 5th. Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. Piper Sandler lifted their target price on shares of Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Finally, TD Cowen upped their price target on shares of Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Four investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $21.43.

Permian Resources Stock Performance

PR opened at $21.19 on Tuesday. The stock has a market cap of $17.72 billion, a P/E ratio of 16.95, a P/E/G ratio of 3.07 and a beta of 0.56. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The stock’s 50 day simple moving average is $18.27 and its 200 day simple moving average is $15.20. Permian Resources has a 1-year low of $10.01 and a 1-year high of $21.99.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.09. The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.Permian Resources’s revenue was down 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share. As a group, equities analysts anticipate that Permian Resources will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, March 17th. Permian Resources’s payout ratio is 51.20%.

Insider Buying and Selling

In other news, EVP Guy M. Oliphint sold 172,904 shares of Permian Resources stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $2,356,681.52. Following the transaction, the executive vice president directly owned 616,683 shares of the company’s stock, valued at $8,405,389.29. The trade was a 21.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP John Charles Bell sold 158,385 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the sale, the executive vice president directly owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. This trade represents a 9.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 5,340,522 shares of company stock worth $89,069,383. Corporate insiders own 6.44% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock worth $1,057,930,000 after buying an additional 3,941,318 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Permian Resources by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after acquiring an additional 4,533,732 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after acquiring an additional 13,483,136 shares in the last quarter. State Street Corp increased its position in shares of Permian Resources by 2.0% in the 4th quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after purchasing an additional 460,158 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Permian Resources by 8.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock worth $236,207,000 after purchasing an additional 1,421,059 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.