Permian Resources Corporation (NYSE:PR) Receives Average Recommendation of "Buy" from Analysts

Key Points

• Permian Resources received an average analyst rating of Buy from 21 brokerages (14 buys, 4 strong buys, 3 holds) with a one‑year average price target of $22.38.
• Significant insider selling occurred recently — Director William J. Quinn sold 512,429 shares on March 18, and insiders have sold 3,130,066 shares worth $58.8M in the past 90 days — though insiders still own 6.44% of the stock.
• In the latest quarter PR reported EPS of $0.37 (beating estimates by $0.09) despite revenue declining 9.8% versus last year, and the company raised its quarterly dividend to $0.16 (annualized $0.64, yield 3.2%).

Permian Resources Corporation (NYSE:PR - Get Free Report) has been given an average recommendation of "Buy" by the twenty-one brokerages that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $22.3750.

A number of research firms have recently issued reports on PR. Royal Bank Of Canada upped their price objective on Permian Resources from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Monday, March 2nd. Benchmark cut Permian Resources from a "buy" rating to a "hold" rating in a report on Thursday, March 5th. Weiss Ratings upgraded Permian Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, March 6th. Bank of America reiterated a "neutral" rating and issued a $16.00 price objective (down from $17.00) on shares of Permian Resources in a report on Friday, January 16th. Finally, Zacks Research upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Friday, March 27th.

Insider Buying and Selling

In other news, Director William J. Quinn sold 512,429 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $135,453,291.90. The trade was a 6.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Aron Marquez sold 7,750 shares of the business's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total value of $152,055.00. Following the completion of the sale, the director directly owned 72,218 shares of the company's stock, valued at approximately $1,416,917.16. This trade represents a 9.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,130,066 shares of company stock worth $58,837,655 in the last 90 days. 6.44% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Permian Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its stake in shares of Permian Resources by 114.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company's stock valued at $25,000 after acquiring an additional 1,047 shares during the last quarter. SHP Wealth Management bought a new stake in shares of Permian Resources in the 4th quarter valued at about $27,000. Los Angeles Capital Management LLC bought a new stake in shares of Permian Resources in the 4th quarter valued at about $39,000. State of Wyoming lifted its stake 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 valued at $41,000 after acquiring an additional 1,640 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock valued at $57,000 after acquiring an additional 3,224 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of NYSE PR opened at $20.27 on Thursday. The stock's 50-day simple moving average is $19.47 and its two-hundred day simple moving average is $15.92. Permian Resources has a twelve month low of $11.58 and a twelve month high of $21.99. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $16.95 billion, a P/E ratio of 16.22, a P/E/G ratio of 2.66 and a beta of 0.56.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The firm had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same period in the prior year, the business earned $0.36 EPS. The company's revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, equities analysts anticipate that Permian Resources will post 1.77 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, March 17th. This is an increase from Permian Resources's previous quarterly dividend of $0.15. Permian Resources's dividend payout ratio (DPR) is currently 51.20%.

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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