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

Key Points

• Permian Resources Corporation has received an average analyst recommendation of "Buy" from eighteen analysts, with one suggesting a sell and several issuing strong buy ratings.
• The stock's average twelve-month price target among brokerages is $18.6250, with various analysts setting different price objectives like $21.00 and $22.00.
• The company recently declared a quarterly dividend of $0.15 per share, resulting in an annualized dividend yield of 4.8%.

Shares of Permian Resources Corporation (NYSE:PR - Get Free Report) have been given an average recommendation of "Buy" by the eighteen analysts that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, fifteen have given a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $18.6250.

Several equities research analysts have recently weighed in on PR shares. Scotiabank assumed coverage on shares of Permian Resources in a research report on Friday, September 19th. They set a "sector outperform" rating and a $21.00 price objective for the company. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. William Blair initiated coverage on Permian Resources in a research report on Monday, August 25th. They issued an "outperform" rating for the company. Raymond James Financial dropped their price objective on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating on the stock in a research note on Tuesday, September 2nd. Finally, Wells Fargo & Company upped their target price on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 4,743 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the transaction, the executive vice president directly owned 107,569 shares of the company's stock, valued at $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the firm's stock in a transaction 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 sale, the executive vice president owned 91,805 shares of the company's stock, valued at $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.44% of the company's stock.

Institutional Trading of Permian Resources

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

Permian Resources Price Performance

Permian Resources stock opened at $12.56 on Friday. The stock's 50 day moving average is $13.63 and its 200 day moving average is $13.30. Permian Resources has a one year low of $10.01 and a one year high of $16.33. The firm has a market cap of $10.05 billion, a P/E ratio of 8.15 and a beta of 1.32. 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 released its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting analysts' consensus estimates of $0.27. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 EPS. As a group, research analysts expect that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Tuesday, September 16th. Permian Resources's dividend payout ratio is presently 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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