Permian Resources (NYSE:PR) Given New $16.00 Price Target at Bank of America

Permian Resources (NYSE:PR - Free Report) had its price target increased by Bank of America from $15.00 to $16.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently commented on PR. UBS Group upped their price target on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. The Goldman Sachs Group upped their price target on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Susquehanna cut their price objective on Permian Resources from $20.00 to $19.00 and set a "positive" rating for the company in a research report on Tuesday, April 22nd. Royal Bank of Canada increased their price objective on Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Finally, JPMorgan Chase & Co. cut their price objective on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.56.

Permian Resources Stock Performance

Shares of Permian Resources stock traded up $0.12 during trading hours on Friday, hitting $12.84. 9,356,816 shares of the company were exchanged, compared to its average volume of 9,707,867. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.95. 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 business has a 50-day moving average of $12.52 and a 200-day moving average of $13.85. The stock has a market capitalization of $10.32 billion, a price-to-earnings ratio of 7.78, a P/E/G ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter last year, the company earned $0.25 EPS. Permian Resources's revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, analysts expect that Permian Resources will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.67%. The ex-dividend date is Monday, June 16th. Permian Resources's dividend payout ratio is 37.04%.

Insider Activity

In related news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at approximately $822,525.36. This represents a 4.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Guy M. Oliphint sold 4,150 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the sale, the chief financial officer now directly owns 130,467 shares of the company's stock, valued at approximately $1,825,233.33. This represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,685 shares of company stock valued at $135,687 over the last three months. Insiders own 6.44% of the company's stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently modified their holdings of the company. Kingsview Wealth Management LLC bought a new position in Permian Resources in the 4th quarter worth approximately $632,000. Charles Schwab Investment Management Inc. boosted its position in shares of Permian Resources by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock valued at $62,407,000 after acquiring an additional 176,320 shares during the period. New York State Teachers Retirement System boosted its position in shares of Permian Resources by 36.9% in the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock valued at $3,881,000 after acquiring an additional 72,726 shares during the period. Channing Capital Management LLC boosted its position in shares of Permian Resources by 286.1% in the fourth quarter. Channing Capital Management LLC now owns 620,138 shares of the company's stock valued at $8,918,000 after acquiring an additional 459,516 shares during the period. Finally, M&T Bank Corp boosted its position in shares of Permian Resources by 60.9% in the fourth quarter. M&T Bank Corp now owns 53,742 shares of the company's stock valued at $773,000 after acquiring an additional 20,340 shares during the period. 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.