Permian Resources (NASDAQ:PR) Price Target Cut to $21.00

Permian Resources (NASDAQ:PR) had its price objective decreased by Truist Financial from $24.00 to $21.00 in a research note issued to investors on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other research firms have also issued reports on PR. Raymond James began coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They set a strong-buy rating and a $24.00 price objective on the stock. Royal Bank of Canada reiterated an outperform rating and set a $20.00 price objective on shares of Permian Resources in a research note on Thursday, July 11th. Bank of America reiterated a buy rating and set a $20.00 price objective on shares of Permian Resources in a research note on Friday, June 14th. Wells Fargo & Company lifted their price objective on shares of Permian Resources from $18.00 to $21.00 and gave the company an overweight rating in a research note on Wednesday, April 17th. Finally, Wolfe Research began coverage on shares of Permian Resources in a research note on Thursday, July 18th. They set a peer perform rating on the stock. Two 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. According to MarketBeat.com, Permian Resources has a consensus rating of Moderate Buy and an average target price of $20.43.

Permian Resources Trading Down 2.3 %

Shares of PR stock opened at $15.31 on Monday. The stock has a market cap of $11.79 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 0.65 and a beta of 4.37. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. Permian Resources has a fifty-two week low of $10.93 and a fifty-two week high of $18.28. The firm’s 50 day moving average price is $15.91 and its two-hundred day moving average price is $15.76.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. On average, analysts anticipate that Permian Resources will post 1.71 EPS for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st were issued a dividend of $0.06 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, May 20th. This represents a $0.24 annualized dividend and a dividend yield of 1.57%. Permian Resources’s payout ratio is 21.82%.

Insider Activity

In other news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the completion of the transaction, the director now owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Permian Resources by 11.2% in the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock worth $949,189,000 after purchasing an additional 5,432,654 shares during the period. EnCap Energy Capital Fund XI L.P. acquired a new stake in Permian Resources in the fourth quarter worth about $353,683,000. Massachusetts Financial Services Co. MA lifted its holdings in Permian Resources by 96.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock worth $178,961,000 after purchasing an additional 6,464,093 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Permian Resources by 16.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock valued at $145,546,000 after acquiring an additional 1,544,525 shares during the last quarter. Finally, OnyxPoint Global Management LP acquired a new stake in Permian Resources in the 4th quarter valued at about $114,159,000. Institutional investors and hedge funds 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.