Permian Resources Corporation (NYSE:PR) Given Consensus Rating of "Buy" by Analysts

Key Points

• Analysts collectively rate Permian Resources “Buy.” Of 22 analysts, 14 recommend buying, five give a strong-buy rating and three advise holding; the average 12-month price target is $24.44.
• The company reported strong quarterly results, with EPS of $0.69 beating estimates by $0.10 and revenue of $1.86 billion exceeding forecasts. Revenue increased 55.1% year over year.
• Permian Resources declared a quarterly dividend of $0.16 per share, equivalent to an annualized $0.64 payout and a 2.8% yield; institutional investors own 91.84% of the stock.

Permian Resources Corporation (NYSE:PR - Get Free Report) has received a consensus recommendation of "Buy" from the twenty-two ratings firms that are currently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, fourteen have issued a buy recommendation and five have assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $24.4444.

Several research firms have commented on PR. UBS Group boosted their target price on Permian Resources from $24.00 to $29.00 and gave the stock a "buy" rating in a report on Monday, September 14th. Citigroup reduced their price target on Permian Resources from $26.00 to $24.00 and set a "buy" rating for the company in a report on Wednesday, July 15th. Wells Fargo & Company upgraded shares of Permian Resources to a "strong-buy" rating in a research note on Wednesday, September 2nd. Evercore initiated coverage on shares of Permian Resources in a research report on Tuesday, June 23rd. They set an "outperform" rating and a $25.00 price objective on the stock. Finally, Wall Street Zen upgraded shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 8th.

Permian Resources Price Performance

Shares of PR opened at $22.77 on Friday. Permian Resources has a fifty-two week low of $11.92 and a fifty-two week high of $24.65. The firm's 50-day simple moving average is $21.99 and its two-hundred day simple moving average is $20.59. The stock has a market cap of $19.08 billion, a PE ratio of 15.08 and a beta of 0.49. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business's revenue was up 55.1% on a year-over-year basis. During the same period last year, the business earned $0.28 earnings per share. Analysts anticipate that Permian Resources will post 2.27 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.16 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.8%. Permian Resources's dividend payout ratio is presently 42.38%.

Insider Activity

In related news, EVP Guy Oliphint sold 5,103 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,196.25. Following the completion of the sale, the executive vice president owned 537,400 shares of the company's stock, valued at $12,763,250. This trade represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the business's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the transaction, the executive vice president owned 1,561,680 shares of the company's stock, valued at approximately $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 15,699 shares of company stock worth $372,851 over the last 90 days. 5.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PR. Principal Financial Group Inc. raised its position in Permian Resources by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company's stock worth $100,911,000 after buying an additional 85,509 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of Permian Resources by 35.3% during the 1st quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company's stock valued at $4,073,000 after acquiring an additional 49,798 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Permian Resources by 98.0% during the 1st quarter. Sterling Capital Management LLC now owns 168,262 shares of the company's stock valued at $3,587,000 after acquiring an additional 83,302 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of Permian Resources by 55.2% in the fourth quarter. HighTower Advisors LLC now owns 259,403 shares of the company's stock worth $3,639,000 after acquiring an additional 92,309 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of Permian Resources by 19.4% during the first quarter. Bank of America Corp DE now owns 2,971,238 shares of the company's stock valued at $63,347,000 after purchasing an additional 481,917 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

About Permian Resources

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company's production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.

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