Permian Resources (NYSE:PR) Stock Price Expected to Rise, Piper Sandler Analyst Says

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

Several other equities analysts have also recently commented on the company. Truist Financial boosted their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Wells Fargo & Company decreased their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Monday, October 14th. Benchmark lowered their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Finally, Morgan Stanley assumed coverage on shares of Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price for the company. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.13.

Permian Resources Price Performance

PR stock opened at $14.62 on Wednesday. The firm has a 50 day moving average of $14.91 and a 200-day moving average of $14.58. The firm has a market capitalization of $11.75 billion, a P/E ratio of 8.86, a price-to-earnings-growth ratio of 4.23 and a beta of 4.32. Permian Resources has a 12 month low of $12.59 and a 12 month 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.

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. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS. As a group, sell-side analysts predict that Permian Resources will post 1.45 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. Investors of record on Thursday, November 14th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.10%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is presently 36.36%.

Insider Buying and Selling at Permian Resources

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

Institutional Investors Weigh In On Permian Resources

Several institutional investors have recently added to or reduced their stakes in the company. Yaupon Capital Management LP raised its stake in shares of Permian Resources by 225.0% during the third quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock valued at $51,016,000 after acquiring an additional 2,595,137 shares during the last quarter. Point72 Asset Management L.P. raised its position in Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after purchasing an additional 2,023,742 shares during the last quarter. Perpetual Ltd purchased a new stake in Permian Resources in the 4th quarter worth approximately $27,104,000. Geode Capital Management LLC lifted its holdings in Permian Resources by 17.6% in the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock worth $148,957,000 after buying an additional 1,638,618 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Permian Resources by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after buying an additional 1,543,854 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.