Permian Resources (NASDAQ:PR) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Permian Resources (NASDAQ:PR - Free Report) in a research note published on Friday, Benzinga reports. The brokerage currently has a $17.00 price objective on the stock.

PR has been the subject of a number of other research reports. Susquehanna increased their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the company a neutral rating in a research note on Thursday, February 29th. UBS Group dropped their price objective on shares of Permian Resources from $15.00 to $14.00 and set a neutral rating for the company in a research note on Thursday, December 14th. Stifel Nicolaus increased their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a research note on Friday, March 22nd. Raymond James assumed coverage on shares of Permian Resources in a research note on Tuesday. They issued a strong-buy rating and a $24.00 price objective for the company. Finally, Bank of America started coverage on shares of Permian Resources in a research note on Friday, January 5th. They issued a neutral rating and a $15.00 price objective for the company. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $18.62.

Permian Resources Stock Performance

Shares of NASDAQ PR traded down $0.08 during trading hours on Friday, hitting $17.73. 7,085,635 shares of the stock were exchanged, compared to its average volume of 9,630,059. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The company's 50 day moving average is $15.87 and its 200 day moving average is $14.39. The firm has a market capitalization of $13.69 billion, a P/E ratio of 15.28 and a beta of 4.35. Permian Resources has a one year low of $8.94 and a one year high of $18.28.

Permian Resources (NASDAQ:PR - Get Free Report) last released its earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analysts' expectations of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, research analysts expect that Permian Resources will post 1.69 EPS for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.13%. Permian Resources's dividend payout ratio is 17.24%.

Insider Activity at Permian Resources

In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William J. Quinn sold 18,076,849 shares of the firm's stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the sale, the director now owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock worth $516,796,999 in the last ninety days. Company insiders own 23.14% of the company's stock.

Institutional Trading of Permian Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in PR. EnCap Energy Capital Fund XI L.P. acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $353,683,000. Vanguard Group Inc. grew its stake in shares of Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company's stock valued at $657,088,000 after buying an additional 19,847,358 shares in the last quarter. Post Oak Energy Holdings LLC grew its stake in shares of Permian Resources by 329.5% in the fourth quarter. Post Oak Energy Holdings LLC now owns 21,048,630 shares of the company's stock valued at $286,261,000 after buying an additional 16,147,789 shares in the last quarter. State Street Corp bought a new position in shares of Permian Resources in the third quarter valued at $100,979,000. Finally, OnyxPoint Global Management LP bought a new position in shares of Permian Resources in the fourth quarter valued at $114,159,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.