Bank of America Issues Positive Forecast for Permian Resources (NYSE:PR) Stock Price

Permian Resources (NYSE:PR - Free Report) had its target price raised by Bank of America from $15.00 to $16.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on the company. Susquehanna decreased their price target on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Raymond James reaffirmed a "strong-buy" rating and issued a $23.00 target price (up previously from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. JPMorgan Chase & Co. reduced their target price on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Royal Bank of Canada raised their price target 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, Morgan Stanley reduced their target price on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. One 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 stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.56.

Permian Resources Price Performance

NYSE:PR traded down $0.13 during mid-day trading on Friday, reaching $12.70. 7,452,203 shares of the company were exchanged, compared to its average volume of 9,698,881. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.95. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a fifty day moving average of $12.49 and a 200 day moving average of $13.84. The stock has a market cap of $10.20 billion, a PE ratio of 7.70, a PEG 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). The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period last year, the company earned $0.25 earnings per share. On average, research analysts anticipate that Permian Resources will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources's payout ratio is currently 37.04%.

Insider Buying and Selling at Permian Resources

In other news, CAO Robert Regan Shannon sold 2,731 shares of the business's 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 sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. The trade was a 4.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP John Charles Bell sold 2,804 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the sale, the executive vice president now owns 74,433 shares in the company, valued at $1,044,294.99. The trade was a 3.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,685 shares of company stock valued at $135,687. 6.44% of the stock is currently owned by corporate insiders.

Institutional Trading of Permian Resources

A number of institutional investors have recently made changes to their positions in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Permian Resources by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company's stock worth $2,021,000 after purchasing an additional 662 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in Permian Resources by 0.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company's stock worth $2,540,000 after buying an additional 700 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Permian Resources by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company's stock worth $226,000 after acquiring an additional 805 shares in the last quarter. Principal Securities Inc. raised its holdings in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after acquiring an additional 852 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its holdings in Permian Resources by 0.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company's stock worth $1,862,000 after acquiring an additional 900 shares in the last quarter. 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.