Permian Resources (NYSE:PR) Given New $14.00 Price Target at Benchmark

Permian Resources (NYSE:PR) had its price target lowered by Benchmark from $17.00 to $14.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently issued reports on PR. Piper Sandler lowered their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Citigroup dropped their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 9th. JPMorgan Chase & Co. decreased their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a report on Wednesday, July 3rd. Finally, Truist Financial decreased their price target on shares of Permian Resources from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Two equities 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, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $18.73.

Permian Resources Trading Down 1.3 %

Shares of PR stock opened at $14.03 on Wednesday. Permian Resources has a 1-year low of $12.34 and a 1-year high of $18.28. The company has a market cap of $10.80 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 0.85 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a 50 day simple moving average of $14.06 and a 200-day simple moving average of $15.46.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the prior year, the business posted $0.27 earnings per share. The firm’s revenue for the quarter was up 99.9% on a year-over-year basis. On average, equities research analysts expect that Permian Resources will post 1.48 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.71%. Permian Resources’s dividend payout ratio is currently 21.82%.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction that occurred 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 transaction, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This trade 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 insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. American International Group Inc. boosted its stake in shares of Permian Resources by 10.4% in the first quarter. American International Group Inc. now owns 830,432 shares of the company’s stock valued at $14,665,000 after purchasing an additional 78,146 shares during the period. Retirement Systems of Alabama grew its stake in shares of Permian Resources by 22.4% in the first quarter. Retirement Systems of Alabama now owns 577,336 shares of the company’s stock worth $10,196,000 after acquiring an additional 105,565 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after acquiring an additional 19,847,358 shares in the last quarter. Castleark Management LLC increased its position in shares of Permian Resources by 370.0% during the first quarter. Castleark Management LLC now owns 96,160 shares of the company’s stock worth $1,698,000 after acquiring an additional 75,700 shares during the period. Finally, California State Teachers Retirement System raised its stake in shares of Permian Resources by 11.2% in the first quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock valued at $7,693,000 after acquiring an additional 43,901 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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.