Permian Resources (NASDAQ:PR) Price Target Cut to $21.00

Permian Resources (NASDAQ:PR) had its price target cut by Truist Financial from $24.00 to $21.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently commented on the stock. Wolfe Research assumed coverage on shares of Permian Resources in a report on Thursday, July 18th. They issued a peer perform rating on the stock. BMO Capital Markets raised shares of Permian Resources from a market perform rating to an outperform rating and set a $21.00 target price on the stock in a report on Wednesday, July 3rd. JPMorgan Chase & Co. boosted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an overweight rating in a report on Friday, April 12th. Mizuho boosted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock a buy rating in a report on Wednesday, May 8th. Finally, Piper Sandler boosted their target price on shares of Permian Resources from $22.00 to $23.00 and gave the stock an overweight rating in a report on Friday, April 19th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $20.43.

Permian Resources Stock Performance

PR opened at $15.38 on Monday. The firm has a market cap of $11.84 billion, a P/E ratio of 13.98, a PEG ratio of 0.64 and a beta of 4.37. Permian Resources has a 1-year low of $10.93 and a 1-year high of $18.28. The company has a 50 day simple moving average of $15.89 and a two-hundred day simple moving average of $15.76. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. Equities analysts forecast that Permian Resources will post 1.71 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were paid a dividend of $0.06 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, May 20th. This represents a $0.24 dividend on an annualized basis and a yield of 1.56%. Permian Resources’s dividend payout ratio is presently 21.82%.

Insider Activity

In other news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the sale, the director now owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in PR. Vanguard Group Inc. grew its holdings in shares of Permian Resources by 11.2% in the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock worth $949,189,000 after purchasing an additional 5,432,654 shares during the last quarter. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Permian Resources in the fourth quarter worth about $353,683,000. Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 96.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock worth $178,961,000 after purchasing an additional 6,464,093 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Permian Resources by 16.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock worth $145,546,000 after purchasing an additional 1,544,525 shares during the last quarter. Hedge funds and other 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.