Truist Financial Trims Permian Resources (NASDAQ:PR) Target Price to $21.00

Permian Resources (NASDAQ:PR) had its target price trimmed by Truist Financial from $24.00 to $21.00 in a research note issued to investors on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock an overweight rating in a research report on Friday, April 12th. Benchmark reaffirmed a buy rating and issued a $17.00 price target on shares of Permian Resources in a research report on Tuesday, April 23rd. Mizuho increased their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company a buy rating in a research report on Wednesday, May 8th. Piper Sandler increased their target price 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. Finally, Susquehanna increased their target price on shares of Permian Resources from $16.00 to $18.00 and gave the company a neutral rating in a research report on Monday, April 22nd. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $20.43.

Permian Resources Stock Performance

Shares of NASDAQ:PR opened at $15.31 on Monday. The company has a market capitalization of $11.79 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 0.65 and a beta of 4.37. Permian Resources has a 12 month low of $10.93 and a 12 month high of $18.28. The firm’s 50-day moving average is $15.91 and its 200 day moving average is $15.76. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last issued its earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. Research analysts predict that Permian Resources will post 1.71 EPS for the current year.

Permian Resources Increases Dividend

The firm 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. The ex-dividend date was Monday, May 20th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.57%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio is presently 21.82%.

Insider Transactions at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the sale, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Simplicity Wealth LLC lifted its stake in shares of Permian Resources by 5.2% in the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock worth $212,000 after buying an additional 646 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Permian Resources by 19.6% in the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after buying an additional 716 shares in the last quarter. Azzad Asset Management Inc. ADV lifted its stake in shares of Permian Resources by 2.0% in the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock worth $677,000 after buying an additional 740 shares in the last quarter. Mount Yale Investment Advisors LLC lifted its stake in shares of Permian Resources by 3.1% in the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after buying an additional 781 shares in the last quarter. Finally, Chilton Capital Management LLC lifted its stake in shares of Permian Resources by 4.6% in the first quarter. Chilton Capital Management LLC now owns 22,868 shares of the company’s stock worth $404,000 after buying an additional 1,000 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.