Permian Resources Corporation (NYSE:PR) Given Average Rating of "Buy" by Analysts

Key Points

• Permian Resources Corporation (NYSE:PR) has received a consensus recommendation of "Buy" from analysts, with an average 12-month price target of $18.47.
• Recent insider trades include sales by executives Robert Regan Shannon and John Charles Bell, indicating a decrease in their ownership of the stock.
• The company announced a quarterly dividend of $0.15, resulting in an anticipated annual yield of 4.4%.

Permian Resources Corporation (NYSE:PR - Get Free Report) has received a consensus recommendation of "Buy" from the sixteen ratings firms that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, thirteen have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $18.4667.

A number of research firms have commented on PR. Susquehanna increased their target price on Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a report on Wednesday, July 23rd. Royal Bank Of Canada reissued an "outperform" rating and set a $17.00 price target on shares of Permian Resources in a research report on Tuesday, September 2nd. William Blair began coverage on Permian Resources in a research note on Monday, August 25th. They set an "outperform" rating on the stock. Bank of America boosted their target price on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Finally, Wells Fargo & Company raised their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th.

Insider Buying and Selling

In other news, EVP Robert Regan Shannon sold 4,742 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the transaction, the executive vice president directly owned 91,805 shares of the company's stock, valued at approximately $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 4,743 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the sale, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company's stock.

Institutional Trading of Permian Resources

Large investors have recently modified their holdings of the company. Allworth Financial LP boosted its stake in Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after purchasing an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC bought a new stake in shares of Permian Resources during the first quarter valued at approximately $30,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company's stock valued at $31,000 after buying an additional 1,391 shares during the last quarter. Keystone Global Partners LLC acquired a new position in shares of Permian Resources during the first quarter worth approximately $36,000. Finally, FNY Investment Advisers LLC bought a new position in Permian Resources in the 2nd quarter worth approximately $36,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of PR stock opened at $13.75 on Wednesday. The firm has a fifty day moving average of $13.79 and a two-hundred day moving average of $13.29. The firm has a market cap of $11.01 billion, a P/E ratio of 8.93 and a beta of 1.42. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.33. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.27. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The company's revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.39 EPS. As a group, research analysts anticipate that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.4%. Permian Resources's dividend payout ratio (DPR) is currently 38.96%.

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.

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