Permian Resources Co. (NYSE:PR) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Permian Resources Co. (NYSE:PR) have earned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $18.87.

Several analysts have commented on the stock. UBS Group decreased their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Truist Financial increased their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Mizuho reduced their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. The Goldman Sachs Group started coverage on Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 price objective on the stock. Finally, Benchmark reduced their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th.

Permian Resources Price Performance

Shares of NYSE:PR opened at $14.86 on Friday. The firm has a market cap of $11.94 billion, a price-to-earnings ratio of 9.01, a P/E/G ratio of 0.88 and a beta of 4.35. Permian Resources has a 1 year low of $12.59 and a 1 year high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $14.61 and a 200 day simple moving average of $14.68.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 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 60.3% on a year-over-year basis. During the same period last year, the business earned $0.36 EPS. As a group, sell-side analysts predict that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were issued a $0.15 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 4.04%. Permian Resources’s dividend payout ratio is 36.36%.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after buying an additional 1,263,460 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Permian Resources by 9.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after acquiring an additional 1,543,854 shares during the period. Geode Capital Management LLC boosted its position in shares of Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after acquiring an additional 1,638,618 shares in the last quarter. Renaissance Technologies LLC increased its stake in Permian Resources by 20.6% in the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after acquiring an additional 1,555,884 shares during the period. Finally, Jennison Associates LLC raised its position in Permian Resources by 14.5% in the third quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock worth $104,080,000 after purchasing an additional 966,940 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

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.