Permian Resources (NASDAQ:PR) Price Target Raised to $23.00

Permian Resources (NASDAQ:PR) had its price target raised by Piper Sandler from $22.00 to $23.00 in a report released on Friday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts also recently weighed in on PR. Royal Bank of Canada reiterated an outperform rating and set a $17.00 target price on shares of Permian Resources in a research report on Friday, April 12th. Bank of America started coverage on Permian Resources in a research report on Friday, January 5th. They set a neutral rating and a $15.00 target price on the stock. Wells Fargo & Company lifted their target price on Permian Resources from $18.00 to $21.00 and gave the company an overweight rating in a research report on Wednesday. Stifel Nicolaus lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a research report on Friday, March 22nd. Finally, JPMorgan Chase & Co. lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company an overweight rating in a research report on Friday, April 12th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $19.08.

Permian Resources Stock Performance

Shares of PR opened at $17.08 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. Permian Resources has a one year low of $8.94 and a one year high of $18.28. The firm has a market capitalization of $13.18 billion, a P/E ratio of 14.72 and a beta of 4.35. The business has a fifty day moving average of $16.38 and a 200 day moving average of $14.55.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. As a group, sell-side analysts anticipate that Permian Resources will post 1.71 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.17%. Permian Resources’s dividend payout ratio is currently 17.24%.

Insider Buying and Selling

In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the sale, the director now directly owns 476,306 shares of the company’s stock, valued at $7,482,767.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the sale, the director now directly owns 476,306 shares of the company’s stock, valued at $7,482,767.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Charles Bell sold 500,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $7,855,000.00. Following the transaction, the executive vice president now directly owns 53,517 shares in the company, valued at approximately $840,752.07. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Corporate insiders own 23.14% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Azzad Asset Management Inc. ADV grew its stake in 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 purchasing an additional 740 shares in the last quarter. Saxon Interests Inc. bought a new position in Permian Resources in the first quarter worth approximately $230,000. State of Michigan Retirement System grew its stake in Permian Resources by 24.7% in the first quarter. State of Michigan Retirement System now owns 112,700 shares of the company’s stock worth $1,990,000 after purchasing an additional 22,300 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Permian Resources in the first quarter worth approximately $10,961,000. Finally, Vaughan Nelson Investment Management L.P. grew its stake in Permian Resources by 23.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 3,853,706 shares of the company’s stock worth $68,057,000 after purchasing an additional 722,580 shares in the last quarter. 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.