Permian Resources Co. (NASDAQ:PR) Given Average Recommendation of "Moderate Buy" by Analysts

Permian Resources Co. (NASDAQ:PR - Get Free Report) has been given an average rating of "Moderate Buy" by the fourteen brokerages that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $19.38.

Several brokerages recently issued reports on PR. JPMorgan Chase & Co. lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Friday, April 12th. Susquehanna boosted their price target on shares of Permian Resources from $16.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, April 22nd. Piper Sandler upped their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, April 19th. Citigroup lifted their target price on shares of Permian Resources from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Friday, March 1st. Finally, Stifel Nicolaus upped their target price on Permian Resources from $18.00 to $20.00 and gave the company a "buy" rating in a report on Friday, March 22nd.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CEO William M. Hickey III sold 4,000,000 shares of the company's stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $62,840,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business's stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the sale, the insider now owns 25,477,527 shares of the company's stock, valued at approximately $400,251,949.17. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William M. Hickey III sold 4,000,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $62,840,000.00. The disclosure for this sale can be found here. Insiders have sold 32,691,849 shares of company stock worth $513,608,598 over the last 90 days. Corporate insiders own 12.80% of the company's stock.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC grew its position in shares of Permian Resources by 12.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 23,356 shares of the company's stock worth $326,000 after buying an additional 2,582 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in Permian Resources by 6.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company's stock valued at $471,000 after purchasing an additional 2,063 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Permian Resources by 6.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 34,491 shares of the company's stock worth $481,000 after buying an additional 1,981 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in Permian Resources by 33.9% in the third quarter. Teacher Retirement System of Texas now owns 62,262 shares of the company's stock worth $869,000 after buying an additional 15,748 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Permian Resources by 967.2% in the third quarter. Principal Financial Group Inc. now owns 1,170,768 shares of the company's stock worth $16,344,000 after buying an additional 1,061,059 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Down 0.3 %

NASDAQ PR traded down $0.04 on Thursday, hitting $15.66. 8,374,021 shares of the company were exchanged, compared to its average volume of 9,616,636. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42. The company has a market cap of $12.06 billion, a PE ratio of 11.56 and a beta of 4.32. The stock has a fifty day moving average of $17.15 and a 200-day moving average of $14.94. Permian Resources has a 12 month low of $9.11 and a 12 month high of $18.28.

Permian Resources (NASDAQ:PR - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. As a group, analysts forecast that Permian Resources will post 1.81 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st will be issued a dividend of $0.06 per share. This is an increase from Permian Resources's previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Monday, May 20th. Permian Resources's payout ratio is currently 21.82%.

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.