Permian Resources (NYSE:PR) Given New $20.00 Price Target at Susquehanna

Permian Resources (NYSE:PR - Free Report) had its price target boosted by Susquehanna from $19.00 to $20.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a positive rating on the stock.

Several other research analysts have also commented on PR. Raymond James Financial restated a "strong-buy" rating and set a $23.00 price target (up previously from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. Piper Sandler raised their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. The Goldman Sachs Group raised 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 target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Finally, UBS Group raised 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 Monday, May 12th. One research analyst has rated the stock with a sell rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $18.47.

Permian Resources Stock Up 1.1%

PR stock traded up $0.16 during midday trading on Wednesday, reaching $13.78. The company had a trading volume of 7,968,737 shares, compared to its average volume of 10,484,621. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.33. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34. The company 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 50 day moving average of $13.70 and a two-hundred day moving average of $13.56.

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

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.36%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources's payout ratio is presently 37.04%.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PR. Proficio Capital Partners LLC acquired a new stake in Permian Resources in the 4th quarter valued at about $207,000. Envestnet Portfolio Solutions Inc. grew its position in shares of Permian Resources by 27.7% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 19,644 shares of the company's stock worth $282,000 after buying an additional 4,260 shares during the period. Corient Private Wealth LLC grew its position in shares of Permian Resources by 80.4% during the 4th quarter. Corient Private Wealth LLC now owns 40,553 shares of the company's stock worth $583,000 after buying an additional 18,069 shares during the period. Teacher Retirement System of Texas grew its holdings in Permian Resources by 70.1% during the fourth quarter. Teacher Retirement System of Texas now owns 172,381 shares of the company's stock valued at $2,479,000 after purchasing an additional 71,023 shares during the period. Finally, Virtu Financial LLC bought a new stake in Permian Resources in the fourth quarter valued at approximately $211,000. Institutional investors and hedge funds own 91.84% of the company's stock.

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.