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

Permian Resources Corporation (NYSE:PR - Get Free Report) has been given an average recommendation of "Buy" by the fifteen research firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, twelve have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $18.47.

PR has been the topic of a number of recent research reports. Susquehanna upped their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research report on Wednesday. Royal Bank Of Canada increased their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. The Goldman Sachs Group increased their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 16th. UBS Group increased their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Finally, Wells Fargo & Company cut their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th.

Institutional Trading of Permian Resources

Institutional investors have recently made changes to their positions in the stock. Verdence Capital Advisors LLC lifted its stake in shares of Permian Resources by 7.5% in the 2nd quarter. Verdence Capital Advisors LLC now owns 328,009 shares of the company's stock worth $4,467,000 after purchasing an additional 22,903 shares during the period. Sequoia Financial Advisors LLC bought a new position in shares of Permian Resources in the 2nd quarter worth approximately $504,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Permian Resources by 25.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 706,042 shares of the company's stock worth $9,878,000 after purchasing an additional 143,145 shares during the period. LRI Investments LLC bought a new position in shares of Permian Resources in the 2nd quarter worth approximately $54,000. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Permian Resources by 26.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 58,798 shares of the company's stock worth $802,000 after acquiring an additional 12,225 shares during the period. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Up 1.1%

Shares of NYSE:PR traded up $0.16 during midday trading on Tuesday, reaching $13.78. The company's stock had a trading volume of 7,968,737 shares, compared to its average volume of 10,484,621. The firm has a 50 day moving average of $13.70 and a 200-day moving average of $13.56. The firm has a market capitalization of $11.07 billion, a P/E ratio of 8.50 and a beta of 1.25. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. Permian Resources has a 12-month low of $10.01 and a 12-month high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). The business had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.37 billion. Permian Resources had a return on equity of 11.96% and a net margin of 22.74%. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 earnings per share. On average, research analysts anticipate that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 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 4.36%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources's payout ratio is presently 37.04%.

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.