Susquehanna Lowers Permian Resources (NASDAQ:PR) Price Target to $16.00

Permian Resources (NASDAQ:PR) had its price target lowered by Susquehanna from $18.00 to $16.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts also recently issued research reports about the stock. Mizuho raised their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. UBS Group raised Permian Resources from a neutral rating to a buy rating and raised their price target for the stock from $20.00 to $21.00 in a research note on Friday, June 14th. JPMorgan Chase & Co. upped their price objective on Permian Resources from $18.00 to $20.00 and gave the company an overweight rating in a research report on Friday, April 12th. Piper Sandler lifted their target price on Permian Resources from $22.00 to $23.00 and gave the stock an overweight rating in a research report on Friday, April 19th. Finally, Benchmark reissued a buy rating and set a $17.00 target price on shares of Permian Resources in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $20.14.

Permian Resources Trading Up 0.6 %

PR stock opened at $14.61 on Thursday. The firm has a fifty day moving average price of $15.56 and a 200 day moving average price of $15.90. Permian Resources has a fifty-two week low of $12.10 and a fifty-two week high of $18.28. The firm has a market cap of $11.25 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 0.53 and a beta of 4.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 12.45%. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the firm earned $0.27 EPS. The firm’s revenue for the quarter was up 99.9% compared to the same quarter last year. Sell-side analysts anticipate that Permian Resources will post 1.72 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 1.64%. Permian Resources’s payout ratio is currently 21.82%.

Insider Buying and Selling

In related news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the completion of the sale, the director now owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 12.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently modified their holdings of PR. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Permian Resources during the 4th quarter valued at approximately $353,683,000. Vanguard Group Inc. raised its position in shares of Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after acquiring an additional 19,847,358 shares during the period. OnyxPoint Global Management LP purchased a new stake in shares of Permian Resources during the 4th quarter worth about $114,159,000. Massachusetts Financial Services Co. MA grew its position in shares of Permian Resources by 96.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after acquiring an additional 6,464,093 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Permian Resources by 480.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock valued at $106,924,000 after purchasing an additional 5,012,287 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.