Permian Resources (NASDAQ:PR) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Permian Resources (NASDAQ:PR) in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has a $20.00 target price on the stock.

Other research analysts have also recently issued research reports about the stock. Bank of America restated a buy rating and issued a $20.00 target price on shares of Permian Resources in a report on Friday, June 14th. Piper Sandler lifted their price objective on Permian Resources from $22.00 to $23.00 and gave the stock an overweight rating in a report on Friday, April 19th. UBS Group upgraded Permian Resources from a neutral rating to a buy rating and lifted their price objective for the stock from $20.00 to $21.00 in a report on Friday, June 14th. Wells Fargo & Company boosted their price target on 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 Permian Resources in a research report 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 given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $20.50.

Permian Resources Price Performance

PR opened at $13.83 on Tuesday. The firm has a market cap of $10.65 billion, a P/E ratio of 12.57, a PEG ratio of 0.60 and a beta of 4.37. Permian Resources has a fifty-two week low of $11.17 and a fifty-two week high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a 50-day moving average of $15.76 and a 200 day moving average of $15.83.

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

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.74%. Permian Resources’s dividend payout ratio (DPR) is 21.82%.

Insider Buying and Selling at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total value of $1,067,300.00. Following the transaction, the director now directly owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.80% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

Several institutional investors have recently bought and sold shares of PR. Larson Financial Group LLC boosted its stake in shares of Permian Resources by 0.5% in the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock worth $3,379,000 after acquiring an additional 949 shares during the last quarter. Foundations Investment Advisors LLC purchased a new stake in Permian Resources during the 2nd quarter worth about $271,000. Princeton Capital Management LLC increased its holdings in Permian Resources by 8.1% during the 2nd quarter. Princeton Capital Management LLC now owns 77,004 shares of the company’s stock worth $1,244,000 after purchasing an additional 5,759 shares during the period. Versor Investments LP purchased a new position in shares of Permian Resources in the 2nd quarter valued at about $1,930,000. Finally, CIBC Asset Management Inc increased its holdings in shares of Permian Resources by 19.1% in the 2nd quarter. CIBC Asset Management Inc now owns 14,377 shares of the company’s stock valued at $232,000 after acquiring an additional 2,308 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

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.