Permian Resources Corporation (NYSE:PR) Receives Average Rating of "Buy" from Brokerages

Key Points

• Permian Resources Corporation has received a consensus recommendation of "Buy" from fifteen brokerages, with an average price target of $18.53.
• Institutional investors and hedge funds now own 91.84% of Permian Resources' stock, indicating strong institutional confidence in the company.
• The company recently declared a quarterly dividend of $0.15, translating to a 4.5% annual yield for shareholders.

Shares of Permian Resources Corporation (NYSE:PR - Get Free Report) have received a consensus recommendation of "Buy" from the fifteen brokerages that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $18.5333.

PR has been the topic of a number of research analyst reports. Raymond James Financial reiterated a "strong-buy" rating and issued a $23.00 price target (up previously from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Piper Sandler lifted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. The Goldman Sachs Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 16th. Bank of America lifted their target price on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, Susquehanna lifted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PR. Allworth Financial LP raised its stake in shares of Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock worth $29,000 after buying an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in Permian Resources in the first quarter valued at approximately $30,000. Mitsubishi UFJ Asset Management Co. Ltd. increased 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 purchasing an additional 1,391 shares in the last quarter. Keystone Global Partners LLC bought a new stake in Permian Resources in the first quarter valued at approximately $36,000. Finally, FNY Investment Advisers LLC bought a new stake in Permian Resources in the second quarter valued at approximately $36,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Down 1.0%

PR stock opened at $13.45 on Friday. The company's 50 day simple moving average is $13.91 and its 200-day simple moving average is $13.37. The firm has a market capitalization of $10.81 billion, a PE ratio of 8.73 and a beta of 1.32. Permian Resources has a 12 month low of $10.01 and a 12 month 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 announced its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter last year, the business earned $0.39 earnings per share. Permian Resources's revenue was down 3.9% compared to the same quarter last year. Equities analysts expect that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.5%. The ex-dividend date is Tuesday, September 16th. 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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