Truist Financial Raises Permian Resources (NYSE:PR) Price Target to $23.00

Permian Resources (NYSE:PR) had its target price boosted by Truist Financial from $20.00 to $23.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Morgan Stanley started coverage on shares of Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. UBS Group reduced their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Benchmark dropped their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus target price of $19.06.

Permian Resources Stock Up 1.2 %

NYSE PR opened at $15.67 on Monday. Permian Resources has a 1-year low of $12.59 and a 1-year high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock’s 50 day moving average is $14.86 and its two-hundred day moving average is $14.64. The company has a market capitalization of $12.59 billion, a price-to-earnings ratio of 9.50, a PEG ratio of 0.88 and a beta of 4.32.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the firm earned $0.36 EPS. Permian Resources’s quarterly revenue was up 60.3% on a year-over-year basis. Equities analysts forecast that Permian Resources will post 1.44 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.83%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is 36.36%.

Insider Buying and Selling

In related news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 12.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. Saxon Interests Inc. increased its position in shares of Permian Resources by 59.8% in the 4th quarter. Saxon Interests Inc. now owns 21,313 shares of the company’s stock valued at $306,000 after buying an additional 7,973 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in Permian Resources by 36.4% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 34,345 shares of the company’s stock valued at $494,000 after acquiring an additional 9,165 shares during the period. Richard P Slaughter Associates Inc increased its holdings in shares of Permian Resources by 1.2% in the fourth quarter. Richard P Slaughter Associates Inc now owns 301,003 shares of the company’s stock worth $4,328,000 after acquiring an additional 3,474 shares in the last quarter. Wright Investors Service Inc. acquired a new stake in shares of Permian Resources during the fourth quarter worth about $498,000. Finally, Wedmont Private Capital lifted its holdings in shares of Permian Resources by 13.1% during the 4th quarter. Wedmont Private Capital now owns 16,541 shares of the company’s stock valued at $250,000 after purchasing an additional 1,915 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

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.