Permian Resources (NYSE:PR) Shares Gap Up - Here's What Happened

Permian Resources Co. (NYSE:PR - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $14.47, but opened at $15.00. Permian Resources shares last traded at $14.89, with a volume of 2,296,977 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their price target on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Raymond James reaffirmed a "strong-buy" rating and set a $23.00 target price (up from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Royal Bank of Canada lifted their target price on Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Friday, May 16th. UBS Group lifted their target price on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, The Goldman Sachs Group lifted their target price on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.56.

Permian Resources Trading Up 3.3%

The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a 50-day simple moving average of $12.61 and a 200 day simple moving average of $13.67. The company has a market capitalization of $12.01 billion, a P/E ratio of 9.06, a P/E/G ratio of 4.05 and a beta of 1.24.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results 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 11.15% and a net margin of 21.20%. The business's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share. Sell-side analysts expect that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date is Monday, June 16th. Permian Resources's dividend payout ratio is presently 37.04%.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the business. First Hawaiian Bank boosted its stake in Permian Resources by 6.0% in the first quarter. First Hawaiian Bank now owns 102,172 shares of the company's stock worth $1,415,000 after purchasing an additional 5,744 shares in the last quarter. Strs Ohio acquired a new position in shares of Permian Resources during the first quarter valued at $7,414,000. Belpointe Asset Management LLC acquired a new position in shares of Permian Resources during the first quarter valued at $465,000. Focus Partners Wealth lifted its stake in shares of Permian Resources by 1.2% during the first quarter. Focus Partners Wealth now owns 254,965 shares of the company's stock valued at $3,531,000 after acquiring an additional 3,080 shares during the period. Finally, Bayforest Capital Ltd lifted its stake in shares of Permian Resources by 95.9% during the first quarter. Bayforest Capital Ltd now owns 19,921 shares of the company's stock valued at $276,000 after acquiring an additional 9,751 shares during the period. 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.