Piper Sandler Increases Permian Resources (NYSE:PR) Price Target to $20.00

Permian Resources (NYSE:PR - Free Report) had its price objective boosted by Piper Sandler from $19.00 to $20.00 in a research note released on Thursday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

PR has been the topic of a number of other reports. Morgan Stanley cut their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. UBS Group lifted 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. Royal Bank Of Canada lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Wells Fargo & Company cut their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Finally, TD Cowen raised Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twelve have issued 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 "Moderate Buy" and a consensus target price of $18.40.

Permian Resources Trading Up 3.4%

Shares of Permian Resources stock traded up $0.45 on Thursday, hitting $13.55. The stock had a trading volume of 11,646,115 shares, compared to its average volume of 9,784,831. 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 one year low of $10.01 and a one year high of $16.42. The stock has a market cap of $10.89 billion, a price-to-earnings ratio of 8.36 and a beta of 1.25. The stock's 50-day simple moving average is $13.71 and its two-hundred day simple moving average is $13.61.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly 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). The firm 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 revenue was up 10.7% on a year-over-year basis. During the same period last year, the business earned $0.25 EPS. As a group, sell-side analysts predict that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources's payout ratio is 37.04%.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds have recently bought and sold shares of PR. Moody Lynn & Lieberson LLC bought a new position in shares of Permian Resources during the second quarter valued at $201,000. Uncommon Cents Investing LLC bought a new position in shares of Permian Resources during the second quarter valued at $175,000. Signaturefd LLC lifted its stake in Permian Resources by 23.9% during the 2nd quarter. Signaturefd LLC now owns 12,224 shares of the company's stock valued at $166,000 after acquiring an additional 2,358 shares during the period. Paragon Capital Management Ltd bought a new position in Permian Resources during the 2nd quarter valued at about $237,000. Finally, Kendall Capital Management lifted its stake in Permian Resources by 33.6% during the 2nd quarter. Kendall Capital Management now owns 18,005 shares of the company's stock valued at $245,000 after acquiring an additional 4,530 shares during the period. Institutional investors 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.