Permian Resources (NASDAQ:PR) PT Raised to $23.00 at Truist Financial

Permian Resources (NASDAQ:PR) had its target price hoisted by Truist Financial from $22.00 to $23.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently commented on the company. Benchmark increased their price objective on Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a research note on Tuesday, March 5th. Susquehanna raised their price objective on Permian Resources from $16.00 to $18.00 and gave the company a neutral rating in a research note on Monday. Mizuho upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a research note on Monday, April 15th. Royal Bank of Canada restated an outperform rating and issued a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. Finally, Stifel Nicolaus raised their price target on Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a report on Friday, March 22nd. Three investment 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’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $19.31.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $17.26 on Monday. Permian Resources has a twelve month low of $8.94 and a twelve month high of $18.28. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The stock has a market cap of $13.32 billion, a price-to-earnings ratio of 14.88 and a beta of 4.35. The company’s fifty day moving average is $16.58 and its 200 day moving average is $14.65.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Sell-side analysts forecast that Permian Resources will post 1.72 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s payout ratio is 17.24%.

Insider Buying and Selling at Permian Resources

In other news, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the transaction, the director now directly owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $15.71, for a total value of $283,987,297.79. Following the sale, the director now owns 71,056,620 shares of the company’s stock, valued at approximately $1,116,299,500.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,916,943 shares of company stock worth $516,796,999. 23.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently made changes to their positions in the business. Global Retirement Partners LLC bought a new position in shares of Permian Resources in the first quarter worth approximately $25,000. Parallel Advisors LLC raised its position in shares of Permian Resources by 117.0% during the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after buying an additional 1,178 shares in the last quarter. Rise Advisors LLC bought a new position in shares of Permian Resources in the 1st quarter valued at about $32,000. DekaBank Deutsche Girozentrale purchased a new position in Permian Resources in the fourth quarter worth about $33,000. Finally, GAMMA Investing LLC bought a new stake in shares of Permian Resources in the 4th quarter valued at approximately $43,000. Institutional investors 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.