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

Key Points

• Analysts maintain a “Buy” consensus: Of 22 brokerages, 14 rate Permian Resources a buy, four a strong buy and four a hold. The average 12-month price target is approximately $23.29, above the reported $21.27 share price.
• Quarterly results slightly exceeded expectations: Permian Resources reported earnings of $0.39 per share versus the $0.38 consensus estimate, while revenue reached $1.39 billion. Analysts forecast full-year EPS of approximately $1.94.
• The company pays a 3.0% dividend yield: Its quarterly dividend is $0.16 per share, or $0.64 annualized, although the payout ratio is relatively high at 74.42%. Institutional investors own 91.84% of the stock, while an executive recently sold shares.

Shares of Permian Resources Corporation (NYSE:PR - Get Free Report) have received an average recommendation of "Buy" from the twenty-two brokerages that are currently covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold recommendation, fourteen have issued a buy recommendation and four 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 $23.2941.

Several research analysts have recently issued reports on the company. Scotiabank increased their price target on Permian Resources from $21.00 to $25.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 22nd. UBS Group cut their price objective on shares of Permian Resources from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Friday, July 17th. Morgan Stanley cut their price objective on shares of Permian Resources from $25.00 to $24.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. KeyCorp started coverage on shares of Permian Resources in a report on Tuesday, April 7th. They issued an "overweight" rating and a $25.00 price objective for the company. Finally, Zacks Research lowered shares of Permian Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 22nd.

Permian Resources Stock Performance

Shares of NYSE PR opened at $21.27 on Friday. Permian Resources has a 12-month low of $11.92 and a 12-month high of $22.67. The company has a market cap of $17.80 billion, a PE ratio of 24.73 and a beta of 0.46. The stock has a 50 day simple moving average of $19.50 and a 200-day simple moving average of $19.01. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm's revenue was up .9% compared to the same quarter last year. During the same period last year, the firm earned $0.44 EPS. On average, equities research analysts forecast that Permian Resources will post 1.94 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Tuesday, June 16th. Permian Resources's payout ratio is 74.42%.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 5.00% of the company's stock.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Horizon Investments LLC increased its holdings in shares of Permian Resources by 80.8% in the fourth quarter. Horizon Investments LLC now owns 420,448 shares of the company's stock valued at $5,899,000 after buying an additional 187,903 shares in the last quarter. Sanctuary Advisors LLC raised its position in shares of Permian Resources by 35.3% during the first quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company's stock worth $4,073,000 after purchasing an additional 49,798 shares during the period. Sterling Capital Management LLC raised its position in shares of Permian Resources by 98.0% during the first quarter. Sterling Capital Management LLC now owns 168,262 shares of the company's stock worth $3,587,000 after purchasing an additional 83,302 shares during the period. Jennison Associates LLC lifted its holdings in shares of Permian Resources by 2.8% during the fourth quarter. Jennison Associates LLC now owns 3,818,742 shares of the company's stock valued at $53,577,000 after purchasing an additional 105,396 shares during the last quarter. Finally, HighTower Advisors LLC lifted its holdings in shares of Permian Resources by 55.2% during the fourth quarter. HighTower Advisors LLC now owns 259,403 shares of the company's stock valued at $3,639,000 after purchasing an additional 92,309 shares during the last quarter. 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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