Permian Resources (NYSE:PR) Price Target Lowered to $20.00 at Piper Sandler

Permian Resources (NYSE:PR) had its price objective cut by Piper Sandler from $21.00 to $20.00 in a report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

PR has been the topic of several other research reports. The Goldman Sachs Group started coverage on shares of Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 price target on the stock. UBS Group decreased their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Susquehanna dropped their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Mizuho reduced their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. Two equities 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.87.

Permian Resources Stock Performance

NYSE:PR opened at $13.52 on Tuesday. The stock has a market capitalization of $10.86 billion, a P/E ratio of 8.19, a PEG ratio of 0.88 and a beta of 4.35. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources has a fifty-two week low of $12.59 and a fifty-two week high of $18.28. The company has a 50 day moving average price of $14.62 and a 200 day moving average price of $14.77.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period last year, the business posted $0.36 earnings per share. Equities research analysts forecast that Permian Resources will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 4.44%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is presently 36.36%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. State Street Corp lifted its position in Permian Resources by 6.1% in the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock valued at $299,790,000 after acquiring an additional 1,263,460 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 9.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after purchasing an additional 1,543,854 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Permian Resources by 17.6% in the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after purchasing an additional 1,638,618 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after purchasing an additional 1,555,884 shares during the period. 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.