Permian Resources (NASDAQ:PR) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Permian Resources (NASDAQ:PR) in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has a $20.00 price target on the stock.

A number of other research firms have also issued reports on PR. Wells Fargo & Company boosted their price objective on Permian Resources from $18.00 to $21.00 and gave the company an overweight rating in a research note on Wednesday, April 17th. Benchmark restated a buy rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Tuesday, April 23rd. Stifel Nicolaus upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a report on Friday, March 22nd. Susquehanna increased their target price on shares of Permian Resources from $16.00 to $18.00 and gave the stock a neutral rating in a research note on Monday, April 22nd. Finally, Piper Sandler boosted their price target on shares of Permian Resources from $22.00 to $23.00 and gave the company an overweight rating in a research report on Friday, April 19th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Permian Resources presently has a consensus rating of Buy and an average target price of $20.57.

Permian Resources Price Performance

Shares of NASDAQ:PR opened at $16.32 on Thursday. The company has a market capitalization of $12.57 billion, a P/E ratio of 11.66, a price-to-earnings-growth ratio of 0.65 and a beta of 4.37. The company’s 50-day moving average is $16.05 and its 200 day moving average is $15.62. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55. Permian Resources has a fifty-two week low of $10.59 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. On average, equities research analysts forecast that Permian Resources will post 1.75 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.47%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, May 20th. Permian Resources’s dividend payout ratio is 21.82%.

Insiders Place Their Bets

In related news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total value of $1,067,300.00. Following the transaction, the director now directly owns 158,665 shares of the company’s stock, valued at approximately $2,605,279.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 12.80% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

Several institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in Permian Resources by 47.4% in the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock valued at $23,466,000 after buying an additional 554,694 shares during the last quarter. Mount Lucas Management LP purchased a new stake in shares of Permian Resources during the fourth quarter worth $746,000. DRW Securities LLC acquired a new stake in Permian Resources in the 4th quarter valued at about $1,904,000. Franklin Resources Inc. lifted its position in Permian Resources by 74.2% during the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after buying an additional 149,851 shares in the last quarter. Finally, Swiss National Bank raised its holdings in shares of Permian Resources by 31.1% during the 4th quarter. Swiss National Bank now owns 724,348 shares of the company’s stock worth $9,851,000 after acquiring an additional 171,648 shares during the period. Institutional investors 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.