Permian Resources Corporation (NYSE:PR) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Permian Resources Corporation (NYSE:PR - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the sixteen analysts that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, thirteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $18.50.

PR has been the subject of several research reports. Bank of America boosted their price objective 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. The Goldman Sachs Group boosted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Wells Fargo & Company lowered their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. UBS Group lifted their price objective on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, Piper Sandler reduced their price objective on Permian Resources from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Securities Inc. increased its stake in shares of Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after purchasing an additional 852 shares in the last quarter. Allworth Financial LP boosted its holdings in Permian Resources by 376.7% in the 1st 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 period. Smallwood Wealth Investment Management LLC purchased a new stake in Permian Resources in the 1st quarter worth $30,000. Global Retirement Partners LLC raised its holdings in Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock valued at $36,000 after acquiring an additional 1,232 shares during the period. Finally, Rakuten Securities Inc. raised its holdings in Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock valued at $36,000 after acquiring an additional 2,305 shares during the period. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Down 1.3%

Shares of PR stock traded down $0.18 during mid-day trading on Friday, hitting $13.75. The company's stock had a trading volume of 23,113,938 shares, compared to its average volume of 10,001,085. The stock has a market cap of $11.04 billion, a price-to-earnings ratio of 8.48 and a beta of 1.24. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.86 and a current ratio of 0.86. Permian Resources has a 52-week low of $10.01 and a 52-week high of $16.95. The business has a 50-day moving average price of $13.16 and a 200 day moving average price of $13.63.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. Permian Resources had a return on equity of 11.96% and a net margin of 22.74%. Permian Resources's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 earnings per share. Research analysts predict that Permian Resources will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.37%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources's dividend payout ratio is 37.04%.

Permian Resources Company Profile

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.