Permian Resources (NYSE:PR) Earns "Outperform" Rating from Royal Bank Of Canada

Key Points

• Royal Bank of Canada has reaffirmed its "outperform" rating for Permian Resources, setting a price target of $17.00, which suggests a potential upside of approximately 19.77% from its previous close.
• Analysts generally hold a positive outlook on Permian Resources, with a consensus rating of "Buy" and an average price target of $18.47, reflecting strong interest from institutional investors.
• Permian Resources reported $1.20 billion in revenue for its last quarter, meeting earnings estimates, but showed a 3.9% decline in revenue year-over-year, indicating fluctuating performance amid market conditions.

Royal Bank Of Canada reaffirmed their outperform rating on shares of Permian Resources (NYSE:PR - Free Report) in a research note published on Tuesday,Benzinga reports. Royal Bank Of Canada currently has a $17.00 target price on the stock.

Other analysts have also recently issued research reports about the company. William Blair started coverage on Permian Resources in a report on Monday, August 25th. They issued an "outperform" rating for the company. Wall Street Zen cut Permian Resources from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Susquehanna lifted their price target on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Wells Fargo & Company lifted their price objective on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Finally, Raymond James Financial reduced their price objective on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Permian Resources currently has an average rating of "Buy" and a consensus target price of $18.47.

Permian Resources Price Performance

Permian Resources stock traded down $0.45 during midday trading on Tuesday, reaching $13.89. 7,252,538 shares of the company were exchanged, compared to its average volume of 9,558,710. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market capitalization of $11.11 billion, a price-to-earnings ratio of 9.02 and a beta of 1.42. The firm's 50-day simple moving average is $13.79 and its 200-day simple moving average is $13.31. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The firm's revenue was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 EPS. On average, analysts anticipate that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given 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 yield of 4.3%. Permian Resources's payout ratio is 38.96%.

Insider Activity at Permian Resources

In related news, EVP Robert Regan Shannon sold 4,742 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was 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. The trade was a 4.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,743 shares of the business'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 value 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 trade represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.44% of the company's stock.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently made changes to their positions in PR. Allworth Financial LP raised its position in shares of Permian Resources by 376.7% in the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after purchasing an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in shares of Permian Resources in the 1st quarter valued at approximately $30,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Permian Resources by 154.4% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company's stock valued at $31,000 after purchasing an additional 1,391 shares in the last quarter. Keystone Global Partners LLC acquired a new position in shares of Permian Resources in the 1st quarter valued at approximately $36,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Permian Resources in the 2nd quarter valued at approximately $36,000. 91.84% of the stock is owned by institutional investors and hedge funds.

About Permian Resources

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.