Permian Resources’ (PR) “Buy” Rating Reiterated at Benchmark

Benchmark reaffirmed their buy rating on shares of Permian Resources (NASDAQ:PR) in a research note released on Wednesday, Benzinga reports. The brokerage currently has a $17.00 price objective on the stock.

Other research analysts also recently issued research reports about the stock. Mizuho raised their price target on shares of Permian Resources from $20.00 to $21.00 and gave the company a buy rating in a report on Wednesday, May 8th. Bank of America restated a buy rating and set a $20.00 target price on shares of Permian Resources in a report on Friday, June 14th. Raymond James started coverage on Permian Resources in a research note on Tuesday, April 9th. They set a strong-buy rating and a $24.00 price target for the company. Royal Bank of Canada reissued an outperform rating and issued a $20.00 price objective on shares of Permian Resources in a research note on Tuesday, July 30th. Finally, Susquehanna upped their target price on Permian Resources from $16.00 to $18.00 and gave the stock a neutral rating in a research report on Monday, April 22nd. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Permian Resources has a consensus rating of Moderate Buy and an average price target of $20.36.

Permian Resources Stock Up 3.4 %

PR traded up $0.47 during trading on Wednesday, reaching $14.35. 2,396,217 shares of the stock traded hands, compared to its average volume of 10,250,741. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. Permian Resources has a fifty-two week low of $12.10 and a fifty-two week high of $18.28. The stock’s 50-day simple moving average is $15.63 and its two-hundred day simple moving average is $15.86. The stock has a market cap of $11.05 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 0.53 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the company earned $0.27 EPS. The firm’s revenue was up 99.9% on a year-over-year basis. As a group, equities research analysts expect that Permian Resources will post 1.72 EPS for the current year.

Permian Resources Announces Dividend

The company also recently announced a dividend, which will be paid on Tuesday, August 27th. Investors of record on Monday, August 19th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Insider Activity at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction on 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 completion of the transaction, the director now directly owns 158,665 shares in the company, valued at $2,605,279.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Institutional investors have recently made changes to their positions in the business. NINE MASTS CAPITAL Ltd bought a new position in shares of Permian Resources during the 2nd quarter worth approximately $308,000. American Century Companies Inc. lifted its holdings in shares of Permian Resources by 5.4% during the second quarter. American Century Companies Inc. now owns 4,856,084 shares of the company’s stock valued at $78,426,000 after acquiring an additional 247,733 shares during the period. SIR Capital Management L.P. lifted its holdings in shares of Permian Resources by 73.6% during the second quarter. SIR Capital Management L.P. now owns 2,598,170 shares of the company’s stock valued at $41,960,000 after acquiring an additional 1,101,300 shares during the period. Texas Permanent School Fund Corp boosted its stake in shares of Permian Resources by 2.7% in the 2nd quarter. Texas Permanent School Fund Corp now owns 413,800 shares of the company’s stock valued at $6,683,000 after purchasing an additional 10,963 shares in the last quarter. Finally, Tiff Advisory Services LLC bought a new stake in shares of Permian Resources in the 2nd quarter worth about $19,175,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.