Analysts Set Permian Resources Corporation (NYSE:PR) PT at $18.47

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 earned a consensus recommendation of "Buy" from the sixteen ratings firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, thirteen have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $18.4667.

PR has been the topic of a number of research analyst reports. Raymond James Financial reduced their target price on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating on the stock in a report on Tuesday, September 2nd. Bank of America upped their target price on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Susquehanna upped 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 reiterated an "outperform" rating and set a $17.00 target price on shares of Permian Resources in a report on Tuesday, September 2nd. Finally, UBS Group upped their target price on Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th.

Permian Resources Trading Down 1.8%

PR traded down $0.25 during midday trading on Wednesday, reaching $13.70. 6,721,651 shares of the company's stock traded hands, compared to its average volume of 8,564,768. The firm has a fifty day moving average of $13.78 and a two-hundred day moving average of $13.28. The stock has a market capitalization of $10.97 billion, a price-to-earnings ratio of 8.90 and a beta of 1.42. 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 has a 52 week low of $10.01 and a 52 week high of $16.33.

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

Permian Resources Dividend Announcement

The company 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 dividend of $0.15 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.4%. Permian Resources's dividend payout ratio is 38.96%.

Insider Activity at Permian Resources

In related 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 value of $67,431.24. Following the sale, the executive vice president owned 91,805 shares in the company, valued at $1,305,467.10. This represents a 4.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of 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 position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company's stock.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in PR. Mercer Global Advisors Inc. ADV grew its stake in shares of Permian Resources by 22.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 19,116 shares of the company's stock worth $275,000 after buying an additional 3,507 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Permian Resources by 28.8% in the 4th quarter. Cetera Investment Advisers now owns 57,596 shares of the company's stock worth $828,000 after buying an additional 12,868 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Permian Resources by 96.2% in the 4th quarter. Deutsche Bank AG now owns 2,140,160 shares of the company's stock worth $30,776,000 after buying an additional 1,049,358 shares during the last quarter. Ensign Peak Advisors Inc grew its stake in shares of Permian Resources by 31.1% in the 4th quarter. Ensign Peak Advisors Inc now owns 399,846 shares of the company's stock worth $5,750,000 after buying an additional 94,757 shares during the last quarter. Finally, Ethic Inc. grew its stake in shares of Permian Resources by 85.4% in the 4th quarter. Ethic Inc. now owns 25,063 shares of the company's stock worth $360,000 after buying an additional 11,542 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

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.