Permian Resources Corporation (NYSE:PR) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Analysts maintain a bullish view: Permian Resources has a consensus “Buy” rating from 21 firms, with an average 12-month price target of $23.47.
• Quarterly results exceeded expectations: The company reported $0.69 in EPS versus $0.59 expected, while revenue rose 55.1% year over year to $1.86 billion.
• Shareholder returns remain a focus: Permian Resources declared a quarterly dividend of $0.16 per share, representing a 2.7% yield, while institutional investors hold 91.84% of the stock.

Shares of Permian Resources Corporation (NYSE:PR - Get Free Report) have been given an average recommendation of "Buy" by the twenty-one ratings firms that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and five have given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $23.4706.

A number of brokerages have weighed in on PR. Roth Capital set a $23.00 price target on Permian Resources and gave the stock a "buy" rating in a report on Monday, June 22nd. Citigroup dropped their price objective on Permian Resources from $26.00 to $24.00 and set a "buy" rating on the stock in a research note on Wednesday, July 15th. Weiss Ratings upgraded Permian Resources from a "hold (c+)" rating to a "buy (b)" rating in a research report on Thursday, August 13th. Raymond James Financial decreased their target price on Permian Resources from $29.00 to $26.00 and set a "strong-buy" rating for the company in a research note on Wednesday, June 17th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Permian Resources in a report on Wednesday, August 19th.

Permian Resources Stock Down 1.6%

Permian Resources stock opened at $23.32 on Wednesday. The firm has a market cap of $19.53 billion, a price-to-earnings ratio of 15.44 and a beta of 0.48. Permian Resources has a 52-week low of $11.92 and a 52-week high of $24.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a 50 day moving average price of $20.26 and a two-hundred day moving average price of $19.85.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the firm posted $0.28 EPS. The company's quarterly revenue was up 55.1% on a year-over-year basis. Equities analysts predict that Permian Resources will post 2.2 EPS for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. Permian Resources's dividend payout ratio (DPR) is 42.38%.

Institutional Trading of Permian Resources

Several hedge funds have recently modified their holdings of the stock. SHP Wealth Management acquired a new stake in Permian Resources in the fourth quarter worth $27,000. SJS Investment Consulting Inc. increased its stake in Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock valued at $30,000 after purchasing an additional 1,341 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Permian Resources during the fourth quarter valued at about $39,000. State of Wyoming raised its holdings in shares of Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company's stock valued at $41,000 after purchasing an additional 1,640 shares during the period. Finally, Cedar Mountain Advisors LLC bought a new position in shares of Permian Resources during the 1st quarter worth about $48,000. Institutional investors own 91.84% of the company's stock.

About Permian Resources

Permian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.

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