Permian Resources (NYSE:PR) Coverage Initiated by Analysts at Scotiabank

Key Points

• Analysts at Scotiabank have initiated coverage on Permian Resources (NYSE:PR) with a "sector outperform" rating and a price target of $21.00, suggesting a potential upside of 54.53% from its last close.
• The company's average rating is currently "Buy" with an average target price of $18.63, supported by multiple analysts including UBS and Wells Fargo, who have set their price targets between $17.00 and $21.00.
• Following recent earnings, Permian Resources reported $0.27 EPS and $1.20 billion in revenue for the quarter, reflecting a year-over-year revenue decline of 3.9%.

Scotiabank initiated coverage on shares of Permian Resources (NYSE:PR - Free Report) in a report released on Friday morning, MarketBeat reports. The firm issued a sector outperform rating and a $21.00 price target on the stock.

A number of other equities analysts also recently commented on PR. Piper Sandler increased their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Susquehanna increased their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research note on Wednesday, July 23rd. Wall Street Zen downgraded shares of Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wells Fargo & Company raised their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Finally, William Blair assumed coverage on shares of Permian Resources in a research note on Monday, August 25th. They issued an "outperform" rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $18.63.

Permian Resources Stock Up 3.6%

Shares of Permian Resources stock traded up $0.49 during trading hours on Friday, reaching $13.87. 7,640,293 shares of the company's stock were exchanged, compared to its average volume of 10,440,246. The company has a 50 day moving average of $13.69 and a two-hundred day moving average of $13.31. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The stock has a market cap of $11.10 billion, a P/E ratio of 9.01 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 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 company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the business posted $0.39 EPS. The company's quarterly revenue was down 3.9% on a year-over-year basis. On average, sell-side analysts forecast that Permian Resources will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.3%. Permian Resources's dividend payout ratio (DPR) is currently 38.96%.

Insider Activity at Permian Resources

In other news, EVP Robert Regan Shannon sold 4,742 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the transaction, the executive vice president directly owned 91,805 shares of the company's stock, valued at approximately $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the transaction, the executive vice president directly owned 107,569 shares in the company, valued at $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. UMB Bank n.a. raised its position in Permian Resources by 12.6% during the second quarter. UMB Bank n.a. now owns 6,953 shares of the company's stock valued at $95,000 after purchasing an additional 778 shares in the last quarter. SCS Capital Management LLC boosted its stake in Permian Resources by 0.6% in the second quarter. SCS Capital Management LLC now owns 141,205 shares of the company's stock valued at $1,923,000 after buying an additional 870 shares in the last quarter. Hexagon Capital Partners LLC boosted its stake in Permian Resources by 30.8% in the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock valued at $54,000 after buying an additional 921 shares in the last quarter. HighPoint Advisor Group LLC boosted its stake in Permian Resources by 5.1% in the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company's stock valued at $283,000 after buying an additional 986 shares in the last quarter. Finally, Vident Advisory LLC boosted its stake in Permian Resources by 9.9% in the first quarter. Vident Advisory LLC now owns 11,321 shares of the company's stock valued at $157,000 after buying an additional 1,019 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

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.