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

Key Points

• Permian Resources has a consensus analyst rating of “Moderate Buy” from 21 brokerages, with an average 12-month price target of about $22.69.
• Several analysts recently reiterated or raised bullish views, including UBS lifting its target to $23, KeyCorp initiating coverage with an overweight rating and $25 target, and Wells Fargo setting a $26 target.
• Insider activity was notable: directors William J. Quinn and Aron Marquez sold shares in March, while institutional ownership remains high at 91.84%. The company also recently beat EPS estimates by a penny and declared a quarterly dividend of $0.16 per share.

Permian Resources Corporation (NYSE:PR - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twenty-one brokerages that are covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $22.6875.

PR has been the subject of several recent analyst reports. UBS Group increased their target price on Permian Resources from $19.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, March 5th. KeyCorp initiated coverage on Permian Resources in a research note on Tuesday, April 7th. They set an "overweight" rating and a $25.00 target price for the company. Wells Fargo & Company set a $26.00 target price on Permian Resources in a research note on Monday, May 25th. Royal Bank Of Canada increased their target price on Permian Resources from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Monday, March 2nd. Finally, Morgan Stanley restated an "overweight" rating on shares of Permian Resources in a research note on Friday, March 27th.

Insiders Place Their Bets

In other Permian Resources news, Director William J. Quinn sold 512,429 shares of the firm's stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $19.59, for a total value of $10,038,484.11. Following the completion of the sale, the director owned 6,914,410 shares in the company, valued at approximately $135,453,291.90. This trade represents a 6.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Aron Marquez sold 7,750 shares of the firm's stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total value of $152,055.00. Following the completion of the sale, the director owned 72,218 shares of the company's stock, valued at $1,416,917.16. This represents a 9.69% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 588,198 shares of company stock worth $11,576,280. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

Hedge funds have recently modified their holdings of the company. SHP Wealth Management bought a new stake in shares of Permian Resources in the 4th quarter worth approximately $27,000. SJS Investment Consulting Inc. raised its holdings in shares of Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock worth $30,000 after buying an additional 1,341 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Permian Resources in the 4th quarter worth approximately $39,000. State of Wyoming raised its holdings in shares of Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company's stock worth $41,000 after buying an additional 1,640 shares in the last quarter. Finally, Cedar Mountain Advisors LLC acquired a new position in shares of Permian Resources in the 1st quarter worth approximately $48,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Performance

PR opened at $19.25 on Friday. The company has a market cap of $16.11 billion, a PE ratio of 22.38 and a beta of 0.48. The stock has a 50-day moving average of $20.34 and a 200-day moving average of $17.72. Permian Resources has a 52-week low of $11.92 and a 52-week high of $22.67. 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 (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the company earned $0.44 EPS. The firm's revenue for the quarter was up .9% compared to the same quarter last year. As a group, equities research analysts forecast that Permian Resources will post 2.01 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a dividend of $0.16 per share. The ex-dividend date is Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.3%. Permian Resources's dividend payout ratio is presently 74.42%.

About Permian Resources

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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