Brokerages Set Permian Resources Co. (NYSE:PR) Price Target at $18.93

Shares of Permian Resources Co. (NYSE:PR) have been assigned a consensus rating of “Moderate Buy” from the sixteen brokerages that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $18.93.

Several equities analysts have recently weighed in on the stock. Mizuho reduced their price objective on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. UBS Group lowered their price objective on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Susquehanna reduced their target price on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. The Goldman Sachs Group initiated coverage on Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 price target on the stock. Finally, Piper Sandler increased their price objective on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th.

Permian Resources Stock Performance

Shares of PR opened at $14.68 on Monday. The firm has a market capitalization of $11.79 billion, a PE ratio of 8.90, a P/E/G ratio of 0.90 and a beta of 4.35. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a 50-day moving average price of $14.67 and a 200 day moving average price of $14.84. Permian Resources has a 52-week low of $12.59 and a 52-week high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period last year, the firm posted $0.36 earnings per share. The business’s revenue was up 60.3% on a year-over-year basis. On average, sell-side analysts anticipate that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.09%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio is presently 36.36%.

Institutional Trading of Permian Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Simplicity Wealth LLC raised its position 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 valued at $212,000 after purchasing an additional 646 shares during the period. SG Americas Securities LLC grew its position in shares of Permian Resources by 320.2% in the second quarter. SG Americas Securities LLC now owns 281,218 shares of the company’s stock valued at $4,542,000 after purchasing an additional 214,295 shares during the last quarter. Securian Asset Management Inc. increased its stake in shares of Permian Resources by 8.0% in the second quarter. Securian Asset Management Inc. now owns 40,964 shares of the company’s stock worth $662,000 after purchasing an additional 3,048 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Permian Resources by 2.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 155,874 shares of the company’s stock worth $2,517,000 after purchasing an additional 4,459 shares during the last quarter. Finally, ORG Partners LLC boosted its stake in Permian Resources by 2,972.3% during the 2nd quarter. ORG Partners LLC now owns 9,432 shares of the company’s stock valued at $152,000 after purchasing an additional 9,125 shares during the period. 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.