Truist Financial Trims Permian Resources (NASDAQ:PR) Target Price to $22.00

Permian Resources (NASDAQ:PR - Free Report) had its target price trimmed by Truist Financial from $24.00 to $22.00 in a report released on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

PR has been the topic of a number of other research reports. Benchmark upped their price objective on Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Mizuho upped their price objective on Permian Resources from $16.00 to $18.00 and gave the stock a buy rating in a research report on Thursday, March 7th. Susquehanna upped their price objective on Permian Resources from $15.00 to $16.00 and gave the stock a neutral rating in a research report on Thursday, February 29th. Bank of America started coverage on Permian Resources in a research report on Friday, January 5th. They set a neutral rating and a $15.00 price objective on the stock. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $17.00 price objective on shares of Permian Resources in a research report on Tuesday, March 5th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, Permian Resources presently has a consensus rating of Moderate Buy and a consensus price target of $18.00.

Permian Resources Trading Up 1.2 %

NASDAQ:PR traded up $0.21 during trading hours on Friday, reaching $17.93. 7,173,873 shares of the stock were exchanged, compared to its average volume of 9,668,381. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The business has a 50-day moving average of $15.52 and a two-hundred day moving average of $14.26. Permian Resources has a twelve month low of $8.94 and a twelve month high of $18.07. The company has a market capitalization of $13.84 billion, a price-to-earnings ratio of 15.46 and a beta of 4.35.

Permian Resources (NASDAQ:PR - Get Free Report) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.11 billion. On average, equities analysts predict that Permian Resources will post 1.5 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.12%. Permian Resources's dividend payout ratio (DPR) is 17.24%.

Insider Transactions at Permian Resources

In other news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the sale, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Brent P. Jensen sold 1,853 shares of the firm's stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Brent P. Jensen sold 203,687 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares of the company's stock, valued at $15,457,119.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,916,943 shares of company stock worth $516,796,999. Company insiders own 23.14% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PR. EnCap Energy Capital Fund XI L.P. purchased a new stake in Permian Resources in the 4th quarter worth approximately $353,683,000. Vanguard Group Inc. grew its stake in Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company's stock worth $657,088,000 after acquiring an additional 19,847,358 shares during the period. Post Oak Energy Holdings LLC grew its stake in Permian Resources by 329.5% in the 4th quarter. Post Oak Energy Holdings LLC now owns 21,048,630 shares of the company's stock worth $286,261,000 after acquiring an additional 16,147,789 shares during the period. State Street Corp purchased a new stake in Permian Resources in the 3rd quarter worth approximately $100,979,000. Finally, OnyxPoint Global Management LP purchased a new stake in Permian Resources in the 4th quarter worth approximately $114,159,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

About Permian Resources

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.