Permian Resources (NYSE:PR) Given New $21.00 Price Target at Piper Sandler

Permian Resources (NYSE:PR) had its price objective raised by Piper Sandler from $20.00 to $21.00 in a research note released on Monday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other analysts have also recently commented on PR. JPMorgan Chase & Co. lowered their target price on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. UBS Group lowered their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Mizuho lowered their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Finally, Truist Financial raised their target price on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.93.

Permian Resources Trading Up 2.4 %

Shares of NYSE PR opened at $15.15 on Monday. The company has a market cap of $12.17 billion, a price-to-earnings ratio of 9.18, a price-to-earnings-growth ratio of 0.89 and a beta of 4.34. Permian Resources has a 12-month low of $12.34 and a 12-month 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 stock’s 50 day simple moving average is $14.07 and its 200 day simple moving average is $14.98.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion for 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 revenue was up 60.3% on a year-over-year basis. During the same quarter last year, the business posted $0.36 EPS. Equities research analysts expect that Permian Resources will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.96%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, November 14th. Permian Resources’s payout ratio is presently 36.36%.

Insider Buying and Selling

In other news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. This trade represents a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This trade represents a 5.88 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently modified their holdings of PR. Janney Montgomery Scott LLC boosted its position in shares of Permian Resources by 38.0% in the first quarter. Janney Montgomery Scott LLC now owns 22,253 shares of the company’s stock worth $393,000 after buying an additional 6,126 shares during the period. Vanguard Group Inc. boosted its position in Permian Resources by 11.2% during the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after purchasing an additional 5,432,654 shares during the last quarter. American International Group Inc. boosted its position in Permian Resources by 10.4% during the first quarter. American International Group Inc. now owns 830,432 shares of the company’s stock valued at $14,665,000 after purchasing an additional 78,146 shares during the last quarter. Vident Advisory LLC acquired a new stake in Permian Resources during the first quarter valued at $14,696,000. Finally, EntryPoint Capital LLC acquired a new stake in Permian Resources during the first quarter valued at $71,000. Institutional investors and hedge funds 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.