Royal Bank of Canada Reaffirms Outperform Rating for Permian Resources (NASDAQ:PR)

Royal Bank of Canada reiterated their outperform rating on shares of Permian Resources (NASDAQ:PR) in a research report released on Tuesday, Benzinga reports. They currently have a $20.00 target price on the stock.

A number of other brokerages have also weighed in on PR. Susquehanna boosted their price target on Permian Resources from $16.00 to $18.00 and gave the stock a neutral rating in a research note on Monday, April 22nd. Piper Sandler upped their target price on Permian Resources from $22.00 to $23.00 and gave the stock an overweight rating in a research note on Friday, April 19th. Wells Fargo & Company raised their price objective on Permian Resources from $18.00 to $21.00 and gave the company an overweight rating in a report on Wednesday, April 17th. Raymond James began coverage on Permian Resources in a report on Tuesday, April 9th. They set a strong-buy rating and a $24.00 price target on the stock. Finally, Truist Financial raised their price objective on Permian Resources from $21.00 to $22.00 and gave the stock a buy rating in a research report on Tuesday. Two 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. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $20.50.

Permian Resources Stock Performance

PR stock opened at $13.83 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. The business has a 50-day moving average price of $15.76 and a 200 day moving average price of $15.83. The company has a market capitalization of $10.65 billion, a P/E ratio of 12.57, a PEG ratio of 0.60 and a beta of 4.37. Permian Resources has a 1-year low of $11.17 and a 1-year high of $18.28.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.06. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. As a group, equities research analysts forecast that Permian Resources will post 1.71 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were paid a dividend of $0.06 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.24 annualized dividend and a yield of 1.74%. Permian Resources’s payout ratio is presently 21.82%.

Insider Buying and Selling

In other Permian Resources 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 completion of the sale, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The sale was disclosed in a document filed with the SEC, which is available through this link. 12.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. EnCap Energy Capital Fund XI L.P. acquired a new stake in Permian Resources in the fourth quarter valued at $353,683,000. Vanguard Group Inc. lifted its position in Permian Resources by 69.7% during the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after buying an additional 19,847,358 shares during the period. OnyxPoint Global Management LP acquired a new stake in Permian Resources during the fourth quarter worth about $114,159,000. Massachusetts Financial Services Co. MA increased its stake in Permian Resources by 96.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock worth $178,961,000 after acquiring an additional 6,464,093 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Permian Resources by 480.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after acquiring an additional 5,012,287 shares during the last quarter. Institutional investors and hedge funds 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.