Permian Resources (NASDAQ:PR) Given New $18.00 Price Target at Susquehanna

Permian Resources (NASDAQ:PR) had its price target raised by Susquehanna from $16.00 to $18.00 in a research note released on Monday, Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages have also recently weighed in on PR. Truist Financial decreased their price target on Permian Resources from $24.00 to $22.00 and set a buy rating on the stock in a research report on Friday, April 5th. Piper Sandler upped their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock an overweight rating in a research report on Friday, April 19th. Citigroup upped their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a buy rating in a research report on Friday, March 1st. Royal Bank of Canada restated an outperform rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Friday, April 12th. Finally, Bank of America assumed coverage on shares of Permian Resources in a research report on Friday, January 5th. They issued a neutral rating and a $15.00 price objective on the stock. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources has an average rating of Moderate Buy and a consensus price target of $19.31.

Permian Resources Price Performance

Shares of NASDAQ:PR opened at $17.33 on Monday. The company’s 50-day moving average is $16.63 and its 200 day moving average is $14.67. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market capitalization of $13.38 billion, a P/E ratio of 14.94 and a beta of 4.35. Permian Resources has a fifty-two week low of $8.94 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, equities research analysts forecast that Permian Resources will post 1.66 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s payout ratio is 17.24%.

Insider Buying and Selling

In related news, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the firm’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 completion of the transaction, the director now owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now directly owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 over the last quarter. 23.14% of the stock is owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently modified their holdings of PR. Global Retirement Partners LLC bought a new stake in Permian Resources in the 1st quarter worth about $25,000. Parallel Advisors LLC lifted its holdings in Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after purchasing an additional 1,178 shares in the last quarter. Rise Advisors LLC purchased a new position in Permian Resources in the 1st quarter worth approximately $32,000. DekaBank Deutsche Girozentrale purchased a new position in Permian Resources in the 4th quarter worth approximately $33,000. Finally, GAMMA Investing LLC purchased a new position in Permian Resources in the 4th quarter worth approximately $43,000. 91.84% of the stock is currently owned by institutional investors.

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.