Permian Resources (NYSE:PR) Stock Price Expected to Rise, Truist Financial Analyst Says
by Scott Moore · The Cerbat GemPermian Resources (NYSE:PR – Free Report) had its price target hoisted by Truist Financial from $18.00 to $20.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.
A number of other equities research analysts have also recently issued reports on the stock. UBS Group decreased their price objective on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. The Goldman Sachs Group assumed coverage on Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 target price for the company. Piper Sandler lowered their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Susquehanna reduced their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, Wolfe Research assumed coverage on shares of Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Two equities research 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 company. Based on data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.87.
View Our Latest Stock Analysis on PR
Permian Resources Price Performance
Shares of PR opened at $15.12 on Friday. The business’s 50-day moving average is $13.91 and its 200-day moving average is $15.04. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.50. The company has a market capitalization of $12.13 billion, a price-to-earnings ratio of 9.16, a P/E/G ratio of 0.90 and a beta of 4.34. Permian Resources has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.
Permian Resources (NYSE:PR – Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The company’s revenue was up 60.3% compared to the same quarter last year. Equities research analysts expect that Permian Resources will post 1.46 EPS for the current fiscal year.
Permian Resources Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be given a $0.15 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.97%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.
Insider Activity at Permian Resources
In other news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Permian Resources
A number of hedge funds have recently made changes to their positions in PR. Janney Montgomery Scott LLC raised its position in Permian Resources by 38.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 22,253 shares of the company’s stock valued at $393,000 after purchasing an additional 6,126 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in shares of Permian Resources by 12.2% during the first quarter. Texas Permanent School Fund Corp now owns 402,837 shares of the company’s stock worth $7,114,000 after purchasing an additional 43,791 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Permian Resources by 54.5% during the first quarter. Empowered Funds LLC now owns 70,770 shares of the company’s stock valued at $1,250,000 after purchasing an additional 24,967 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Permian Resources by 444.4% in the first quarter. SG Americas Securities LLC now owns 66,923 shares of the company’s stock valued at $1,182,000 after purchasing an additional 54,629 shares in the last quarter. Finally, Swiss National Bank raised its position in Permian Resources by 17.8% in the 1st quarter. Swiss National Bank now owns 853,348 shares of the company’s stock worth $15,070,000 after purchasing an additional 129,000 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.
Permian Resources Company Profile
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.
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