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

Key Points

• Permian Resources has a consensus analyst rating of “Buy” from 21 research firms, with 13 buys and 4 strong buys. The average 12-month price target is about $22.38.
• The company recently posted Q1 earnings of $0.39 per share, slightly beating estimates, while revenue came in at $1.39 billion, just below expectations. Analysts now expect $1.98 EPS for the current fiscal year.
• Permian Resources also declared a quarterly dividend of $0.16 per share, equal to an annualized yield of about 3.1%. The article also noted significant insider selling and that institutional investors own 91.84% of the stock.

Permian Resources Corporation (NYSE:PR - Get Free Report) has been given an average rating of "Buy" by the twenty-one research firms that are presently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and four have issued a strong buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $22.3750.

PR has been the topic of a number of recent research reports. Scotiabank upped their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 22nd. Piper Sandler upped their price objective on shares of Permian Resources from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Weiss Ratings cut shares of Permian Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, May 12th. Benchmark cut shares of Permian Resources from a "buy" rating to a "hold" rating in a report on Thursday, March 5th. Finally, KeyCorp initiated coverage on shares of Permian Resources in a report on Tuesday, April 7th. They issued an "overweight" rating and a $25.00 price objective on the stock.

Permian Resources Price Performance

Shares of PR opened at $20.84 on Monday. The stock has a market cap of $17.45 billion, a PE ratio of 24.23 and a beta of 0.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. Permian Resources has a fifty-two week low of $11.92 and a fifty-two week high of $22.67. The firm's 50-day simple moving average is $20.35 and its two-hundred day simple moving average is $16.81.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business's revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.44 earnings per share. Analysts anticipate that Permian Resources will post 1.98 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, June 30th. Stockholders of record on Tuesday, June 16th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, June 16th. Permian Resources's dividend payout ratio is currently 74.42%.

Insider Transactions at Permian Resources

In other news, CEO James H. Walter sold 673,425 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $12,377,551.50. Following the transaction, the chief executive officer owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. This represents a 6.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William M. Hickey III sold 898,423 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $16,513,014.74. Following the completion of the transaction, the chief executive officer owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. This represents a 8.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 3,130,066 shares of company stock valued at $58,837,655. 5.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. SHP Wealth Management bought a new position in shares of Permian Resources in the fourth quarter worth approximately $27,000. SJS Investment Consulting Inc. lifted its position in Permian Resources by 1,862.5% during the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock valued at $30,000 after purchasing an additional 1,341 shares during the period. Los Angeles Capital Management LLC bought a new position in Permian Resources during the fourth quarter valued at approximately $39,000. State of Wyoming lifted its position in Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company's stock valued at $41,000 after purchasing an additional 1,640 shares during the period. Finally, Cedar Mountain Advisors LLC bought a new position in Permian Resources during the first quarter valued at approximately $48,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Company Profile

Permian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.

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