Permian Resources Corporation (PR) - What Are Brokerages Saying About This Stock?

Key Points

• Analysts remain bullish: Twenty-two research firms give Permian Resources an average “Buy” rating, including 15 buys and five strong buys. The average 12-month price target is $25.56, with several firms recently raising targets to $28–$29.
• Strong recent operating performance: The company reported quarterly EPS of $0.69, exceeding the $0.59 consensus estimate, while revenue rose 55.1% year over year to $1.86 billion. Analysts expect full-year EPS of approximately $2.32.
• Shareholders receive a dividend: Permian Resources pays a quarterly dividend of $0.16, equivalent to $0.64 annually and a 2.7% yield. Institutional investors own 91.84% of the stock, while recent insider sales were primarily made to cover tax withholding on vested equity awards.

Shares of Permian Resources Corporation (NYSE:PR - Get Free Report) have been assigned an average recommendation of "Buy" from the twenty-two research firms that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and five have assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $25.56.

A number of equities research analysts recently commented on the company. Truist Financial lifted their price objective on Permian Resources from $24.00 to $28.00 and gave the stock a "buy" rating in a research note on Monday. Wells Fargo & Company upped their price objective on Permian Resources from $27.00 to $28.00 and gave the company an "overweight" rating in a report on Wednesday. Morgan Stanley reissued an "overweight" rating on shares of Permian Resources in a research note on Wednesday, August 19th. UBS Group increased their target price on Permian Resources from $24.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, September 14th. Finally, Citigroup raised their target price on Permian Resources from $24.00 to $28.00 and gave the stock a "buy" rating in a report on Monday.

Permian Resources Price Performance

Shares of PR stock opened at $24.10 on Thursday. Permian Resources has a 52-week low of $11.92 and a 52-week high of $24.65. The stock has a market cap of $20.18 billion, a PE ratio of 15.96 and a beta of 0.66. 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's 50 day moving average price is $22.63 and its two-hundred day moving average price is $20.95.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.59 by $0.10. The company had revenue of $1.86 billion during the quarter, compared to analysts' expectations 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 for the quarter was up 55.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS. As a group, analysts forecast that Permian Resources will post 2.32 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. Permian Resources's payout ratio is 42.38%.

Insider Activity

In related news, EVP Robert Shannon sold 5,104 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the sale, the executive vice president owned 1,346,698 shares of the company's stock, valued at approximately $31,984,077.50. This trade represents a 0.38% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 Permian Resources stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the transaction, the executive vice president owned 1,561,680 shares in the company, valued at approximately $37,089,900. This represents a 0.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 15,699 shares of company stock valued at $372,851 in the last quarter. Company insiders own 5.00% of the company's stock.

Institutional Trading of Permian Resources

Large investors have recently bought and sold shares of the business. Readystate Asset Management LP increased its stake in Permian Resources by 155.2% in the 2nd quarter. Readystate Asset Management LP now owns 496,281 shares of the company's stock valued at $9,137,000 after buying an additional 301,791 shares during the last quarter. Principal Financial Group Inc. lifted its position in Permian Resources by 1.8% during 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 in the last quarter. Tidal Investments LLC lifted its position in Permian Resources by 60.0% during the 2nd quarter. Tidal Investments LLC now owns 385,843 shares of the company's stock worth $7,103,000 after buying an additional 144,704 shares in the last quarter. Sanctuary Advisors LLC boosted its stake 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 worth $4,073,000 after buying an additional 49,798 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its stake 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 worth $3,587,000 after buying an additional 83,302 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Company Profile

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.

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