Brokerages Set Permian Resources Co. (NYSE:PR) Target Price at $18.67

Shares of Permian Resources Co. (NYSE:PR - Get Free Report) have been given an average rating of "Moderate Buy" by the fifteen analysts that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $18.67.

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Bank of America decreased their price target on Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Susquehanna dropped their price objective on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. Piper Sandler dropped their price target on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Finally, Williams Trading set a $19.00 price target on shares of Permian Resources in a research note on Wednesday, March 5th.

Insider Activity at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now owns 58,668 shares of the company's stock, valued at $822,525.36. This represents a 4.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Guy M. Oliphint sold 4,150 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the transaction, the chief financial officer now owns 130,467 shares of the company's stock, valued at approximately $1,825,233.33. The trade was a 3.08 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,685 shares of company stock valued at $135,687. 6.44% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

Several hedge funds have recently modified their holdings of PR. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources during the fourth quarter valued at $431,676,000. Price T Rowe Associates Inc. MD raised its position in shares of Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after buying an additional 12,306,854 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Permian Resources by 55.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after buying an additional 4,236,141 shares in the last quarter. Freestone Grove Partners LP bought a new position in shares of Permian Resources in the 4th quarter valued at about $57,114,000. Finally, Invesco Ltd. grew its position in Permian Resources by 56.1% in the fourth quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock worth $113,900,000 after acquiring an additional 2,845,449 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Up 0.2 %

Shares of PR traded up $0.03 during mid-day trading on Thursday, reaching $13.04. The company had a trading volume of 9,695,979 shares, compared to its average volume of 9,897,964. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market capitalization of $10.48 billion, a price-to-earnings ratio of 7.90, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. The firm has a 50-day moving average price of $12.47 and a 200 day moving average price of $13.91. Permian Resources has a 52 week low of $10.01 and a 52 week high of $17.27.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). The company had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.37 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company's revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.25 earnings per share. On average, sell-side analysts forecast that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.60%. The ex-dividend date is Monday, June 16th. Permian Resources's dividend payout ratio is currently 37.04%.

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.